Table of Contents

The Euro and Economic Stability

The Euro and Economic Stability

Focus on Central, Eastern and South-Eastern Europe

Edited by Ewald Nowotny, Peter Mooslechner and Doris Ritzberger-Grünwald

The Euro and Economic Stability assesses the euro area’s merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making.

Chapter 8: Slovakia’s Experience with the Euro

Ivan _ramko

Subjects: economics and finance, money and banking


Ivan Šramko The purpose of my contribution is to describe Slovakia’s experience with the euro and I will also try to comment on the underlying history. By way of introduction, Slovakia’s experience was relatively different from those of other countries insofar as we had a political consensus in Slovakia from the point when we first started the euro adoption debate. Why so? Perhaps because the lack of a positive image in the early 1990s had provoked the then incoming government to completely change this image, by joining NATO and the euro area, by tackling the range of problems Slovakia used to have. This included a show of political will and a political consensus to have the euro in our country. This was very important also because the first decision was taken and the euro introduction strategy was adopted back in 2003, which means that the period leading up to actual accession was longer than the usual term of government. It was of crucial importance that the new government coming in after the elections in 2006 would support this process, this long-term and successful economic project. This is why I can say that the complex project of introducing the euro in Slovakia was and still is a big success. That said, it is necessary to make two notes: the first note is that to make a deep and serious assessment of this process or an analysis of this process we would need more time. It is not possible to make some...

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