The fates of euro candidate countries – from Slovenia to Lithuania
The fates of euro candidate countries – from Slovenia to Lithuania

Summary/Abstract: September 1 was the date when euro coins started being delivered from the Slovenian central bank to the country’s financial institutions, and the first supplies of euro coins will make their way to Slovenian households before this Christmas. Bank notes will be issued starting December 11. The objective is that the bank system will switch from the tolar to the common European currency as smoothly as possible, in the period January 1-14, 2007, at an exchange rate of EUR 1 – SIT 239.64, as per the EU finance ministers’ decision of July. All of which means that Slovenia managed to achieve what six countries that joined the EU in 2004 were hoping for roughly two years ago. Namely: to enter the euro zone at the first opportunity. Slovenia is the only country that was successful in this effort. Lithuania, which also had ambitions to join the euro zone in 2007, failed the test Slovenia passed. In September it was further from the euro zone than in May, when the European Commission refused its accession application although the country only exceeded the inflation criterion by 0.06 percentage points and overperformed all the other criteria.

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