THE QUARTER IN BUSINESS

Gašparovič signs act on Euro introduction

President Ivan Gašparovič on December 13 signed the Act on the Introduction of the Euro in Slovakia, a “general law” underpinning the adoption of the new currency that had been approved by parliament on November 28. The act regulates currency circulation and pricing, and sets rules for rounding off prices in changeover calculations, as well as for exchanging Slovak crowns for euros after the Slovak currency is no longer valid.

(Source: SITA)

President Ivan Gašparovič on December 13 signed the Act on the Introduction of the Euro in Slovakia, a “general law” underpinning the adoption of the new currency that had been approved by parliament on November 28. The act regulates currency circulation and pricing, and sets rules for rounding off prices in changeover calculations, as well as for exchanging Slovak crowns for euros after the Slovak currency is no longer valid.

The law does not affect whether or not Slovakia meets the Maastricht economic criteria for Euro adoption, nor does it mention Slovakia’s macro-economic or currency readiness for joining the Euro-zone.

On the other hand, it amends the Act on the Slovak Central Bank to ensure that powers relating to currency and issuing banknotes and coins will be transferred smoothly from the National Bank of Slovakia to the European Central Bank.

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