Hungry for some sort of financial news now, at the beginning of a brand-new year, that’s actually good, that reflects things flawlessly going ahead according to plan? How about this: As of 1 JAN 2009 Slovakia adopted the euro as its currency, just as the European Central Bank (ECB) and various other responsible Euro-authorities had authorized it to do last May. That’s right: Slovakia – I mean, who even knows where that place is? It was only a separate country as of 1 JAN 1993, yet it has beaten out (among others) its former big-brother state, the Czech Republic (which could be said to date back to Greater Moravia of 833 AD if you’re willing to stretch the affiliations a little bit), and Poland (dating from 966 AD) to the safe-haven of the euro. And make no mistake: these days the euro-zone is definitely the sort of currency safe-haven that all sorts of countries still standing outside it (e.g. Poland, Denmark, Iceland) wish that they were within, given the demonstrated weakness of numerous small-state-currency regimes.
Against this background, it’s amusing to take a look at comments from the Czech press. (more…)