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Fico positive on euro introduction

PRIME Minister Robert Fico has said that the adoption of the euro has become the core of his government's programme because it promises many more advantages than disadvantages.

While speaking at a euro introduction seminar in Bratislava on February 13, the PM said that the introduction of the euro in Slovakia would eliminate exchange rate risks, giving considerable support to the country's further economic development thanks to its open economy.

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

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

Fico added that his government would adhere strictly to its fiscal limits, all the while continuing to work towards the goals of its social programme, which he says will be financed by economic growth and cuts in government spending.

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