Currency

Euro

Slovakia introduced the euro currency as of 1 January 2009, becoming the 16th country of the eurozone, which represents an economic territory of the European Union. This territory encompasses the free trade area, the customs union among the EU countries, free movement of persons, capital, goods and services within the EU, coordination of economic policies among the EU countries and the single euro currency. The name “euro” was chosen by the heads of Member States or their respective governments at the Madrid European Council held in December 1995. Inspiration for the € symbol itself came from the Greek epsilon – a reference to the cradle of European civilisation – and the first letter of the word Europe.

With the permission of the European Community, the euro is also legal tender in several countries which had previously formed monetary unions with eurozone members. These include San Marino, Monaco and the Vatican. Based on an agreement with the European Community, these three states mint their own coins, with a state-specific design on their national (obverse) sides. Without a formal agreement, however, the euro is also used in other European countries: Kosovo; Montenegro; and Andorra.

The central bank responsible for the European single currency is the European Central Bank, which determines the monetary policy for the eurozone countries. Its primary objective is to maintain price stability within the eurozone – that is, to keep inflation low. The ECB is based in Frankfurt am Main in Germany. 

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