The European Commission and the European Central Bank approved Slovakia's joining of the Eurozone on January 1, 2009.

Thus, Slovakia is to become the 16th Eurozone member after Malta and Cyprus joined on January 1, 2008, and the second Eastern European state to do so after Slovenia's accession on January 1, 2007.

The finance ministers of the EU states are expected to ratify the decision of Slovakia's accession to the Eurozone in July.

The EC report that approved Slovakia also stated that the Czech Republic, Hungary, Estonia, Latvia, Lithuania, Bulgaria, and Romania would not be ready to adopt the euro before 2010. Poland is not expected to meet the criteria before 2012.

According to the report, the East European states have three main problems - most have a higher inflation than the required, some have a large budget deficit, and some still have not joined the Eurozone currency mechanism ERM II.

Slovakia on the other hand has met all of the Maastricht criteria for the adoption of the euro. Its inflation is 2,2%, which well below the 3%-ceiling.

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