Last week’s recommendation by the European Commission that Slovakia should be allowed to adopt the single currency at the start of next year has still to be formally ratified by EU finance ministers. But the expectation that they will rubber-stamp the EC’s recommendation has helped to strengthen the Slovak koruna, which has been trading at all-time highs against the euro in recent days at Sk31.6 to the euro. The final entry rate will be confirmed in early July. "We expect that the approval process in European institutions will be solely of a formal nature after the unambiguously positive stand of the European Commission. Thus, in our opinion,...
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