Slovenia Adopts Euro As New Currency
By ALI H. ZERDIN
The Associated Press
Monday, January 1, 2007; 11:14 AM
LJUBLJANA, Slovenia -- Slovenia adopted the euro on Monday, becoming the 13th EU nation to use the single European currency.
Minister of Finance Andrej Bajuk was the first to use a cash machine to withdraw Slovenian euros.
Slovenia adopted Europe's single currency on Monday and became the 13th European country in the Euro monetary union.
"We are extremely happy and proud. We took this as a national project and we have indeed achieved and fulfilled all the criteria to make this a reality. It's extremely important for us", said Bajuk.
Slovenes adopted the currency at a rate of 239.640 tolars to one euro as of Jan 1.
The Slovene tolar and the euro will be in dual use until Jan. 15, when the euro will officially take over as the country's sole legal tender.
Prime Minister Janez Jansa called the switch the "biggest national achievement" since the tiny Alpine country of 2 million joined the European Union in 2004.
Slovenia, a former Yugoslav republic, is alone among the 10 nations that joined the EU at that time to have fulfilled the rigorous economic criteria needed to join the euro zone.
More than two-thirds of the country's cash machines were fully operating in euros by late morning, while gas stations and highway toll booths switched immediately as the New Year kicked off. There were no reports of any glitches.
A recent EU survey showed more than 70 percent of Slovenes happy to embrace the euro, with many saying they see it as further proof they are part of mainstream Europe.
But some remained sentimental about the tolars, introduced when the country declared independence in 1991.
"Saying farewell is usually not very nice. But this time it is about good memories and the hope that we are adopting a currency that is as good or even better," said central bank governor Mitja Gaspari.
"It makes life a lot simpler," said Renata Kovac, who works in a kiosk at Ljubljana's central rail station. "I have lots of foreign customers and I always had to send them to the exchange office for small change as they didn't have any tolars."
To preserve its national identity in the uniform euro zone, Slovenia used its right to display its national symbols on the euro coins it mints in the country.
The addition of Slovenia expands the euro zone to a population of 316.6 million.
Although some analysts feared price hikes or complications in accounting, invoicing or payroll systems, few expect any real problems during the conversion in Slovenia.
About 97 percent of businesses said they were ready for the euro in a poll conducted by Eurobarometer in September.