Slovakia to adopt the euro from Thursday

The number of countries using the euro will rise to 16 on Thursday when Slovakia starts using the currency.

The number of countries using the euro will rise to 16 on Thursday when Slovakia starts using the currency.

Next year will mark the 10th anniversary of the creation of the euro. Ireland joined in 2002, along with 12 other states.

European Commissioner for Economic and Monetary Affairs Joaquín Almunia said: "The euro has become the symbol of EU identity and is proving to be a solid and stabilising factor in currency markets both inside and outside the euro area.

"This is no mean feat as no other markets from banking to securities have been spared by the global financial and economic crisis. We should be proud of that record and we must safeguard the sound budgetary and macroeconomic framework that has made the euro such a success."

Slovakia will adopt the euro at a rate of 30.1260 Slovak koruna to €1. A supply of euro notes and coins has been delivered to commercial banks in Slovakia and these have been passed on to shops and other businesses so that they can handle payments and return change in euro from Thursday.

Prices will be displayed in both euro and koruna until January 1st, 2010.