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Fico takes positive stance on euro introduction

PRIME Minister Robert Fico, speaking on February 13 at a seminar in Bratislava on the process of introducing the euro in Slovakia, said that the euro adoption had become the core of his government's program because it promised far more advantages to Slovakia than disadvantages.

The prime minister said that introducing the euro as Slovakia’s national currency would eliminate exchange rate risks, giving considerable support to the country’s further economic development given its open economy.

However, in fulfilling the Maastricht economic criteria for adoption of the European single currency, Slovakia has also had to make concessions on some important issues, such as limiting state spending to meet the deficit criterion, which has prevented the government from fully rolling out its social program.

"However, we will never abandon the idea of a modern social state," Fico said.

Fico said his government would adhere strictly to its fiscal limits but would continue to fulfill points from its social program, which will be financed from economic growth and cuts in general government consumption.

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