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Slovenia Weekly

On the safe side

06.01.2017

Photo: Mostphotos
Ten years ago, on 1 January 2007, as the 13th member and the first new country to accede to the EU, Slovenia adopted the euro and bade farewell to the tolar, the first currency of our independent state, which was in use for the first 15 years of statehood. As the first post-transitional newcomer to the Union, Slovenia successfully met all five Maastricht criteria and thus was able to adopt the common currency.

The euro is the second most important currency in the world. It represents an economic area which generates one sixth of global GDP, and is used by our most important business partners, i.e. Germany, Austria and Italy. This broad economic area and its common currency is of considerable benefit for companies, particularly exporters. Although initially experiencing certain price rises, citizens obtained monetary certainty and stability with the euro. The inspiration for the euro symbol (€) derives from the Greek letter epsilon (Є) and the first letter of the word Europe in Latin script, crossed by two parallel lines intended to represent stability.

In the growing uncertainty of the global political and financial landscape, the euro remains our financial future. Its advantages certainly outweigh its deficiencies. The integration of the euro in the small, but open Slovenian economy perhaps also denotes that we are on the safe side.


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