Balgarianovinite.com The adoption of the euro in Slovakia opened the door to other reforms that were not carried out directly because of the single currency but for which the euro created the conditions needed by the economy and society, Igor Barat, Deputy CEO of Eximbanka, said in an interview with the Bulgarian News Agency.
Igor Barat is an economist with a long career in banking, as well as a journalist who worked for Slovak Television. He was responsible for communications at Slovakia’s central bank related to preparations for the euro changeover. When the country joined the euro area in 2009, Barat was the government’s plenipotentiary for the euro’s introduction and the public face of the campaign for the new currency, which is why he was often referred to as “Mr. Euro”.
“Our team and the entire organizational structure, since hundreds of people were involved in the process, were responsible for helping businesses understand what they needed to do to ensure a smooth transition from the [Slovak] koruna to the euro in terms of IT, statistics, accounting, and so on. All these issues were covered in a comprehensive law, and measures were taken to protect consumers and to regulate business conduct so that there would be no negative impact,” Barat said.
Recalling the information campaign for the euro, Barat described it as “probably the most complex in the country’s history,” as it had to reach every citizen.
As part of the euro introduction campaign, information was aired on television and radio, instructions were published in newspapers and magazines, and CDs were produced, including in the Romani language. Information brochures and a small calculator programmed with the fixed conversion rate of 30.1260 Slovak korunas per euro – the rate at which the country entered the euro area – were sent by mail to all 1.9 million households in the country.
All of this was done mainly over about 18 months – from mid-2007 to the end of 2008 – and for a little more than six months after the euro was introduced, when prices were still displayed in both currencies, Barat said.
Asked whether there had been a public debate in Slovakia about the new currency, he noted that such discussions began six years before the country joined the euro area.
For such a small economy, where most exports and even imports go to or come from the euro area, the euro would bring far greater benefits because transaction and exchange-rate costs are eliminated, price transparency improves, and so on. This conclusion was also incorporated into the national strategy for adopting the euro, drafted by the Slovak authorities back in 2003, he added.
Asked about the development of investment in the country after adopting the euro and the practical advantages it brought, Barat noted that when an investor is considering where to invest, they always take into account many factors, and being in the euro area is a very important one.
As for natural persons, the single European currency helps people not only travel but also stay abroad more easily, pay their expenses – such as for education, holidays, vacations, and online purchases of goods and services – at a very transparent price, he added.
“Still, we have to say that the euro is not a panacea. It is simply a tool. It is just better fuel for your engine. You still have to continue reforms and improve the business environment and the legal environment. This is a never-ending process, but if you stop at the introduction of the euro, the effect will be close to zero,” Barat noted.
Asked about potential issues surrounding Slovakia’s first euro-denominated budget, adopted in 2008, he said that there were none and clarified that the notion that the euro has anything to do with the state budget is mistaken. Euro Adoption in Slovakia Opened Door to Reforms – Eximbanka Deputy CEO 2025 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2025-12-04 07:05:52 Latest news World news Country news Most important news latest news most important latest of the day Justice Petar Nizamov Feathers Petar Nizamov- Feathers Justice bg iustitia.bg iustitia iusticia usticia investigation Burgas Bulgaria news news of the last hour news of the day news of today Bulgaria news The news from Bulgaria blitz news top news most important most commented latest news Boyko Borisov news weather coronavirus news news weather facebook youtube facebook instagram news today news of the last minutes news today today news news bg news leading news hot news bg news site for news all news news bg news of the last hour latest latest news bg news of today news today news today news of the last hour latest news today news bg news news 24 hours news vesti bg novini news world bird bg bivol bg bivol trud bg novini latest news today novinite bg news hello bulgaria political party coat of arms delyan peevski scandalous Bulgarian National Television Free Europe Television scandal exclusive live tv live right now tv tv online tv program bg live now tv news online tv online live court Burgas court Burgas district court Burgas court Burgas district court Burgas district court Burgas appellate court Burgas prosecutor Burgas prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Prosecutor General Ivan Geshev Prosecutor Geshev Tsatsarov Ministry of Internal Affairs Burgas ODMR Burgas ODPR Burgas police Burgas district police Burgas prosecutor Tsatsarov SGS cases Varna court chairman of the SGS court decisions on civil cases decisions on cases Plovdiv court decision of the court decisions cases Varna court criminal cases district district court decisions work in the court SGS chairman of the SGS judges Sofia court post judges Plovdiv court Plovdiv judges Plovdiv Supreme Court Inspectorate Supreme Court Supreme Judicial Council lawyer lawyer criminal cases lawyer civil cases lawyer marriage cases lawyer administrative criminal law criminal process civil law civil process administrative law constitutional law
