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Slovakia ready to join the party

5/8/2008

Slovakia has been given the green light to adopt the Euroâ€¦

Slovakia is the first former communist country in Eastern Europe to pass the criteria for the single currency, and a final decision will be made in July.

Slovak Prime Minister Robert Fico enthused: â€œThis is a great opportunity, and we consider the adoption of the euro to be the continuation of the success story that began with the entry into the European Union.

Slovakia's economic success stems from a flat tax rate and a clamp-down on abuse of its welfare system. In 2007, its economy grew by more than 10%.

A spokesperson for the European Central Bank commented: â€œSlovakia has met the necessary benchmarks, but there is a slight concern over inflation. Strong economic growth will bring improved living standards but also higher price levelsâ€.

Poland, Hungary and the Baltic states are unlikely to join the euro until well after 2010.