The European Union has formally invited Slovakia to join the European single currency and has set the rate at which korunas will be exchanged for euros.

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Slovakia will adopt the euro on 1 January 2009, becoming the 16th official member country to do so.

The European Union's 27 finance ministers approved Slovakia's entry despite concerns from the European Central Bank about its inflation.

"I am delighted to be welcoming Slovakia into the eurozone," said EU Monetary Affairs Commissioner Joaquin Almunia.

Euro entry 'beneficial'

Slovakia recently strengthened the value of the koruna by 15%, partly in an attempt to fight inflation.

Slovakia follows other recent euro adopters including Slovenia (from 2007), and Cyprus and Malta in January this year.

Its use of the single currency will add one percentage point to its economic growth, according to Slovakian finance minister Jan Pociatek.

"Euro entry will be beneficial for our economy," he said. "It will attract foreign direct investment."

(BBC)

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