Currency push pays off as Slovakia joins the euro

SLOVAKIA becomes the 16th country to adopt the euro today.

With Slovakia adding its population of 5.4 million , the currency will be used by 330 million people with an annual gross domestic product of more than 4 trillion euros.

The neighbouring Czechs once sneered at Slovakia's push to join the euro quickly. The mountainous country will be the poorest euro member, behind Portugal with 71 per cent of the EU's average gross domestic product per capita.

But it is already seeing benefits. Its crown is the only currency in the region that has not weakened since its exchange rate was locked at 30.126 per euro in July. Poland's zloty lost 30 per cent against the euro. The Czech crown is down 12 per cent.

Prime Minister Robert Fico said joining was "the continuation of a success story that began with the entry into the European Union" in 2004.