Slovakia's introduction of the Euro currency is a success story, however, improving the business environment and justice system would help successful economic development in the following decade, said Yves Mersch, member of the Executive Board of the European Central Bank. He commented on the Slovak economy last week at the occasion of the 10th anniversary of the introduction of Euro in the country.
"Slovakia's success indicated that entering the EU and introducing the Euro can create significant opportunities", he said. According to him, the currency gave the economy an impulse to attract new foreign investments and become significantly closer to the developed economies of the European Union.
On the other hand, Mersch does not believe that this impulse is sufficient for continuing Slovakia's sustainable growth. Moreover, he pointed to Greece and Italy as countries where irresponsible political decisions have led to a difficult situation despite having the Euro. Mersch stressed the need for developing new strategies targeted at innovations, fighting tax fraud, corruption, the quality of public institutions and most of all, the justice system.
Ten years since the introduction of the common currency, Slovaks are satisfied with the Euro. According to the research conducted by Eurobarometer last October, 68% of Slovaks consider the Euro to be a good thing. At the same time, 79% of Slovaks believe that the currency is beneficial for the EU as such.
