Euro a jeho vplyv na bankovú a podnikovú sféru
EURO AND ITS IMPACT ON BANKING AND BUSINESS

Summary/Abstract: Since 1st January 1999, the EURO became a new official European currency of 11 advanced European states. Despite the fact that Deutsh Marks, French Francs and the currencies of other members of the European Union will become a part of history as late as in 2002, they lost definitely their independence in the beginning of this year. The origin of EURO is the biggest event of the post-war history of the world currency system. There has occurred a European currency which is to be used by 291 million people who produce ca 20% of the world production. The origin of EURO is an enor-mous project, the aim of which is to increase competitiveness of European economy and procurement of intensive industrial growth. The EURO eliminates the risk of ex-change rate fluctuation and removes fees charged at financial transactions within EU. For the customers, EURO will simplify transactions due to the fact that it will be pay-able in many countries. The origin of EURO has a prevalent impact on EU members, however its conse-quences reach all world financial markets. Common EU citizens will be involved espe-cially in 2002. In this year, national currencies will definitely disappear from circula-tion and all transactions will be due in EURO. Within the course of the subsequent three-year period, the number of traders who will quote their prices in both national currency and EURO will gradually grow. Hence, in this way the customers should become aware and accustomed to the new currency. Similarly, entrepreneurs are in-volved just as well. For them, the use of EURO is not obligatory until 2002 and the transition will be gradually accomplished in 2002. The only areas where EURO has become obligatory already, are financial markets. The prices of shares and bonds are quoted singly in EURO. Foreign currency trading has become already a part of past history too. After starting the third phase of monetary unification, the introduction of Euro will demand new qualities not only from the members of the European Union, but also from the membership candidates including Slovakia. Owing to the fact that up to now our current ambition is only to enter the EU, the position of our commercial banks will become rather disadvantageous, just as well as the position of those which occur within EU, yet beyond the Euro-zone. It is also necessary to be aware of the fact that in the year 2005 the measures protecting our banking sector against the banks within EU will lose entirely their protective effect. All our banks must gradually prepare themselves for a tougher competitive environment in relation to the banking sector of EU.

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