Slovakia joins the euro area

Today, the euro has been introduced in Slovakia. The number of EU Member States using the single European currency has therefore increased to 16. The European Central Bank (ECB) welcomes this further enlargement of the euro area.

Following the adoption of the euro by Slovakia, Národná banka Slovenska becomes a full member of the Eurosystem, the central banking system of the euro area, which comprises the ECB and, as of today, the 16 national central banks (NCBs) of the EU Member States that have adopted the euro. In accordance with the Protocol on the Statute of the European System of Central Banks and of the European Central Bank, Národná banka Slovenska has paid up the remainder of its contribution to the capital of the ECB and transferred its contribution to the foreign reserve assets of the ECB.

The integration of Slovak monetary financial institutions (MFIs) into the euro area banking system on 1 January 2009 was already taken into account in the publication of the euro area liquidity needs and in the benchmark allotment on 29 and 30 December 2008. Slovak counterparties in the Eurosystem will be able to participate in the Eurosystem’s open market operations announced after 1 January 2009.

The list of the MFIs located in Slovakia that are subject to reserve requirements is published on the ECB’s website, as are the lists of the MFIs located in the other EU Member States that have adopted the euro. The list of the assets located in Slovakia that are eligible as collateral for the credit operations of the Eurosystem is also available on the ECB’s website.