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Slovakia set to join euro

Sahil Nagpal 7 May 2008

Brussels/Berlin - Slovakia is set to receive the green light Wednesday from European authorities to become the second former communist state to join the euro.

The European Commission is expected to say in a report that Slovakia, which joined the European Union in May 2004, has met the tough fiscal targets for adopting Europe's common currency and can adopt the currency bloc in January next year.

Slovakia's adoption of the euro will expand the eurozone's membership to 16 with Slovenia, Malta and Cyprus having been added to the currency bloc's ranks in recent years.

The European Central Bank is also to issue a separate report on Slovakia's euro membership Wednesday.

EU finance ministers are scheduled to sign off in July on the commission's decision to agree to Bratislava's application to join the single currency. (dpa)

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