Introduction of the euro

National plan and timetable for euro changeover

Upon accession to the EU, Slovakia expressed its determination to work towards the adoption of the common European currency. The changeover date, as of which euro will be put into cash and non-cash circulation, has been scheduled for 1 January 2009. The preparatory process is coordinated by the Ministry of Finance and the Government’s Plenipotentiary for Euro Adoption.

This following document describes the steps taken/to be taken towards entry into the eurozone.

The National Euro Changeover Plan, approved by the Slovak cabinet in 2005, is the basic document describing the sequence of the steps necessary for euro adoption. The cabinet decided to set up a 16-member National Coordination Committee for Euro Changeover in the Slovak Republic. The Committee steers the activities of six working groups: Banks and Financial Sector, Public Administration, IT and Statistics, Non-financial Sector and Consumer Protection, Legislation, and Communication.

The plan defines specific tasks, deadlines and responsible authorities in all the areas affected by preparations for the adoption of the new currency. The plan also contemplates introduction of the obligatory system of dual price-display (in SKK and EUR) both before and after euro introduction. The plan is strict about making sure that the rounding on conversion is not to the detriment of the consumer. A separate document sets the rules for dual price display.

The full wording of the National Euro Changeover Plan, including all its annexes, can be found here and the Dual Price Display Rules, can be found here.