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Slovakia prepares for the euro

JOINING the eurozone will not have any impact on the purchasing power of Slovaks, Finance Minister Ivan Mikloš said when presenting the National Plan for the Introduction of the euro in Slovakia on May 25, the TASR news agency reported.

Slovakia plans to adopt the common currency in January 2009.

From a legislative viewpoint, consumer protection will be arranged by common law, the rules of dual pricing, and product control and supervision.

According to Mikloš, changing currency is no reason for price hikes. "Experience from the countries that have entered the eurozone says that only a slight price hike occurred - within a 0.09 to 0.27 percent range," Mikloš said.

To increase consumer protection, prices of all goods and services will be calculated exactly in accordance with a fixed conversion rate and displayed in both Slovak crowns as well as euros. This form of dual pricing should start one month after the EU Council determines the conversion rate, which is expected in mid 2008.

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