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Analyst: Euro able to limit effects of global crisis on Slovakia

The euro, which was adopted by Slovakia on January 1, could limit the effects of the global financial crisis on the country, Institute for Public Affairs (IVO) president Grigorij Mesežnikov told the TASR news wire on January 3.

The euro, which was adopted by Slovakia on January 1, could limit the effects of the global financial crisis on the country, Institute for Public Affairs (IVO) president Grigorij Mesežnikov told the TASR news wire on January 3.

"We need to wait to see the significance of the euro's influence," said Mesežnikov, adding that in view of the current global crisis, the euro could have a more positive effect that it appeared to have a year ago. "Much was said then about the social effects of this step, which could also influence support for political parties."

According to a Slovak Academy of Sciences (SAV) analyst, Juraj Marušiak, nobody is able to predict how the global financial crisis will pan out at the moment.

"On one hand, the introduction of the euro as a strong currency could act as a shield against the effects of the crisis, but on the other, taking into account the fact that the euro is the currency of almost the entire European Union, the crisis may grow to proportions that will be able to destroy the entire European economy," noted Marušiak.

Analyst Miroslav Kusý expects 2009 to be "a slightly tougher year, as the crisis will deepen".

He also thinks that the introduction of the euro and lower investment flows into Slovakia will bring hard times for Robert Fico's government.

"They (the cabinet of Robert Fico) have scored points only thanks to the visible prosperity existing here, with people not interested in who created it," said Kusý, alluding to the economic reforms of former premier Mikuláš Dzurinda, TASR wrote.

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