Toespraak commissaris Barosso ter gelegenheid van de invoering van de Euro in Slowakije
President of the European Commission
Welcome to the Euro Celebration
Bratislava, 08 January 2009
President,
Speaker of the national Parliament,
Prime Minister,
Distinguished guests,
It is a great pleasure to be in Bratislava today. The adoption of the euro is a historic event for this country, and for the euro area as a whole.
Thanks to its willingness to reform, Slovakia has joined the euro area less than five years after becoming a member of the European Union. Comparing the past four years to the previous four years, Slovak growth has almost doubled and Slovak inflation has halved. A remarkable testament to what has been possible inside the EU.
Slovakia's accession to the euro area is the fourth one over the last couple of years, which now comprises 16 of the 27 EU Member States. Daily use of euro notes and coins is now a reality for some 329 million European citizens.
I congratulate the Slovak authorities and all those who contributed to the efficient preparations, which have made the changeover smooth, quick and successful.
Europe today faces an economic crisis which is touching families and businesses in every part of Europe. We need to use every tool at our disposal. The euro has already proved a powerful tool to protect national economies. Now Slovakia will enjoy its benefits to the full.
Adopting the euro means that Slovakia will reinforce its prospects of greater growth, more jobs, and lower inflation on a sustainable basis.
It means an end to uncertainty for investors, giving a healthy boost to foreign direct investment; and an end to exchange rate risks and transaction costs for local businesses.
It means that Slovak citizens can travel more easily, can better compare prices, and even buy things with their own currency anywhere in the euro area. It means Slovak companies will have the extra opportunities, and face the extra competitive stimulus, that the euro will bring.
Slovak economic policies will now work within the disciplines and responsibilities of the euro. Slovakia will need to maintain sound economic policies, to preserve macroeconomic stability and competitiveness in a single monetary environment, and to use this foundation to take full advantage of the benefits of euro area membership. Low inflation and further structural reforms to improve the functioning of product and labour markets are vital.
So living with the euro on a daily basis means harvesting its benefits and meeting the responsibilities it brings.
But today is a day for celebration and congratulation.
Dovoltje mi popriatj slovensku velja uspehou v tejto historizkej hvili.
Slovak translation of:
So let me finish by wishing Slovakia every success at this historic juncture.
Thank you.