The National Bank of Slovakia (NBS) and the Finance Ministry opened on Wednesday a public discussion on problems which would accompany Slovakia on its way into the European Monetary Union (EMU). Their joint material has been submitted to ministers for interdepartmental review. Experts can release their opinions on web pages of the central bank.

The central bank and the Finance Ministry have agreed on the need to join the EMU as soon as possible. NBS governor Marian Jusko maintains that this would enable Slovakia to fully benefit from advantages of integration into the European Union. Representatives of the two institutions have not elaborated the exact timetable of the entry, but they see years between 2008 and 2010 as realistic. A more precise date requires determining the specific fluctuation range of the local currency within the monetary system ERM II. The Slovak crown will have to move within this range two years before it enters the EMU. Moreover, tax reform expenditures should be more precisely calculated into fiscal expenditures. According to Finance Minister Ivan Miklos, these questions should be solved before the end of this year.