Late 2000s enlargements History of the euro

1 late 2000s enlargements

1.1 slovenia
1.2 cyprus
1.3 malta
1.4 slovakia

late 2000s enlargements

eurozone participation

european union (eu) member states






non-eu member states

between 2007 , 2009, several states 2004 enlargement acceded eurozone. these slovenia in 2007, cyprus , malta in 2008, slovakia in 2009. other 2004 countries faced greater difficulties in fulfilling criteria join.

slovenia

slovenia first country join eurozone after launch of coins , banknotes. participation in erm ii began on 28 june 2004 , on 11 july 2006 council of eu adopted decision allowing slovenia join euro area 1 january 2007. euro replaced slovenian tolar on 1 january 2007. exchange rate between euro , tolar had been set on 11 july 2006 @ 239.640 sit, unlike previous launches, cash , non-cash transactions introduced simultaneously.

cyprus

cyprus replaced cypriot pound euro on 1 january 2008.

a formal letter of application join eurozone submitted on 13 february 2007. on 16 may 2007 european commission, backed european central bank, gave go-ahead introduction in january 2008.

the campaign inform citizens of cyprus euro officially began in cypriot media on 9 march 2007. on 15 march 2007, cypriot house of representatives passed necessary laws introduction of euro on 1 january 2008. european commissioner economic & financial affairs joaquín almunia, on 16 may 2007, recommended cyprus adopt euro scheduled , european parliament concurred on 21 june 2007, date confirmed eu leaders. final decision taken eu finance ministers (ecofin) on 10 july 2007 , conversion rate fixed @ 0.585274 cyp. on 23 october 2007, coin designs officially published in official journal of european union.

on 1 january 2008 euro replaced cypriot pound official currency. euro used in government-controlled areas of republic, sovereign base areas of akrotiri , dhekelia (under uk jurisdiction, outside eu) , in united nations buffer zone in cyprus. de facto turkish republic of northern cyprus continues use new turkish lira primary currency , euro secondary currency.

malta

valletta covered floor designs of new euro coins

malta replaced maltese lira euro on 1 january 2008. aims officially confirmed on 26 february 2007. on 16 may 2007, commissioner economic & financial affairs of eu, joaquín almunia, recommended malta adopt euro scheduled, decision later confirmed council of finance ministers of 10 july 2007. on same day, dual displaying became mandatory , first maltese euro coins struck @ monnaie de paris. first maltese euro coins available public on 1 december 2007, business starter packs worth €131 each started being available small businesses fill cash registers sufficient amount of euro coins before €-day (jum €). mini-kits each worth €11.65 available general public on 10 december 2007. maltese coins current @ time of euro transition may exchanged through 1 february 2010.

maltese citizens obtain euro information directly town or village between december 2007 , january 2008. euro centres (Ċentru l-ewro) opened during day. people trained on matters related changeover euro available provide council @ euro centres along information materials.

in december 2007, part of euro changeover celebrations, streets of valletta covered carpets depicting euro coins. celebrations reached climax on new year s eve firework display near grand harbour area, several other activities had moved indoors because of stormy weather struck island on night.

slovakia

slovak euro coins starting set

slovakia adopted euro on 1 january 2009. koruna part of erm ii 28 november 2005, requiring trade within 15% of agreed central rate; rate changed on 17 march 2007 , again on 28 may 2008. rate of 30.126 skk may 2008 confirmed on 8 july 2008.

to assist process of conversion euro, on 1 april 2008, national bank of slovakia (nbs) announced plan withdrawal of slovak koruna notes , coins. few days later, on 5 april 2008, slovakia officially applied enter eurozone. on 7 may 2008, european commission approved application , asked member states endorse bid during eu finance ministers meeting in july 2008.

slovakia fulfilled euro convergence criteria. @ 2.2%, slovakia s twelve-month inflation below 3.2% threshold. however, march 2008 annual inflation 3.6%. fiscal deficit 2.2% versus reference value of 3.0%. , finally, government debt ratio 29.4% of gdp in 2007, below maximum ratio of 60.0%. public opinion supported switch, 58% in favour , 35% opposed, 65% worried inflationary impacts of adoption. 3 months after adoption of currency 83 percent of slovaks consider slovakia s decision adopt euro have been right.

publicity transition koruna euro on 1 january 2009 included euromobile , professional actor driving around countryside holding impromptu quiz shows euro. winners received euro t-shirts, euro conversion calculators, , chocolate euro coins. euro starter kits, available 500 koruna, popular christmas gift in 2008. coins therein, however, not valid legal tender in eurozone until 1 january 2009, koruna exchanged through 17 january 2009, though redeemable @ central bank in bratislava until date determined. using slovakian euro coins before 1 january have been fined. businesses using transition raise prices subject penalty.

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