Slovak euro coins
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Slovak euro coins feature three separate designs for the three series of coins. Slovakia has been a member of the European Union since May 2004, and is a member of the European Economic and Monetary Union. Slovakia has recently completed the third stage of the EMU and is currently schedule to adopt the euro in January 1, 2009, until then uses its own currency, the Slovak koruna.
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[edit] Adopting the euro
In 2005, an official public contest for Slovak euro coin designs was held, which took place over two rounds. The deadline for the first round was January 31, 2005, after which the ten top designers chosen by the National Bank of Slovakia (NBS) were invited to make plaster reliefs of their designs. In the second round, the NBS called a public vote conducted from November 12 until November 20, 2005 on the ten designs that were picked from the over 200 submissions [1]. On November 21, 2005, the results were made public; the most popular design was the Coat of arms of Slovakia [2][3]. On December 20, 2005, the design for the Slovak euro coins was officially made public on the NBS website [4]. Since then Slovakia has been doing economic reforms to be able to adopt the euro.
After three years of reforms, on April 1, 2008, the NBS has announced their plan for withdrawal, disposal and destruction of the Slovak koruna notes and coins [5]. On May 7, 2008, the European Commission approved the application and asked member states to endorse the bid during the EU finance minister's meeting in July 2008 [6][7]. Slovakia's 12 month inflation was 2.2% compared with 3.2% that is required. Annual inflation however was 3.6% for March 2008. Fiscal deficit was 2.2% versus the reference value of 3.0%. And finally the government debt ratio was 29.4% of GDP in 2007, well below the maximum ratio of 60.0% [8].
On June 3, 2008 European Union finance ministers gave Slovakia the green light to join the euro zone in 2009 while urging the country to be ready to fight inflation with tight fiscal policies. "We are happy to see Slovakia join the euro zone on January 1, 2009," Jean-Claude Juncker, who chairs the Eurogroup of euro zone finance ministers, told reporters [9].
Slovakia's mint has been tasked to produce some 500 million euro and cent coins [9]. As a preparation for the change in January 1, starting from November 2008, these coins will be distributed to business all over Slovakia [10].
[edit] Slovak euro design
For images of the common side and a detailed description of the coins, see euro coins.
| € 0.01 | € 0.02 | € 0.05 |
|---|---|---|
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| Kriváň, a symbolic mountain in the High Tatras as designed by Drahomír Zobek. | ||
| € 0.10 | € 0.20 | € 0.50 |
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| Bratislava Castle as designed by Ján Černaj and Pavol Károly. | ||
| € 1.00 | € 2.00 | € 2 Coin Edge |
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"SLOVENSKÁ REPUBLIKA" with two stars with a linden leaf in the middle of them. |
| The Coat of arms of Slovakia, the Double Cross on Three Hills, as designed by Ivan Řehák. | ||
[edit] References
- ^ The top ten designs, National Bank of Slovakia.
- ^ "Statement from the 57th Meeting of the Bank Board of the NBS." National Bank of Slovakia, 20 Dec. 2005.
- ^ Martina Jurinová. "Public decide on motif for euro coins", The Slovak Spectator, 2005-11-22.
- ^ "Slovenské strany eurových mincí." National Bank of Slovakia.
- ^ NBS Preparing to Withdraw and Destroy Koruna Notes and Coins.
- ^ Slovakia Secures Commission Approval for Euro Entry.
- ^ Slovakia won EU and ECB backing to adopt euro.
- ^ ECB Press Release of May 7, 2008.
- ^ a b EU ministers agree to let Slovakia into euro zone.
- ^ Banks will start delivering euro cash to their clients in November.
[edit] External links
- Slovak euro coin details, euromena.sk
- The Euro Information Website – Slovakia
- The mint commissioned to make the Slovak euro coins Kremnica Mint
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