EC tells Slovakia to remain focused on euro switch preparations

Slovakia needs to concentrate on wrapping up the preparations for a smooth switchover to euro, the European Commission said in its progress report on preparations for the eurozone expansion.

Slovakia needs to concentrate on wrapping up the preparations for a smooth switchover to euro, the European Commission said in its progress report on preparations for the eurozone expansion.

European Union Monetary Affairs Commissioner Joaquin Almunia said that Slovakia should use the remaining months to ensure that consumers and businesses are fully prepared for use of the euro from the very first day of the euro-switch, news wire SITA reported.

He also called on the business to remain committed to fair pricing.

According to the EC report, businesses seem to be late in planning the cash required for the transactions as of the first day in order to avoid queues in banks. Thus the EC urges Slovakia to increase euro cash reserves in banks and subsequently in businesses, news wire SITA wrote.

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