Slovakia gave up the last strand of its economic sovereignty earlier this week, for what this Eastern European country’s political leaders hope will provide it with stability during the global financial crisis. Slovakia relegated its national currency, the Koruna (or Crown) to the rubbish bins of history on January 1, 2009, and within less than two weeks, the country’s monetary unit will disappear forever. Slovaks have until January 16th to spend their korunas and all stores must accept them as payment until this date.

The number 16 seems to be one which comes up repeatedly, within the context of this currency change. Jan Pociatek, Slovakia’s finance minister, noted that Slovakia has become the 16th member of the euro zone and that the Slovak koruna has served his country well for 16 years. „I can say that 16 is my lucky number,” Pociatek commented when interviewed by the AFP news agency.

Similarly to all other euro zone members states, Slovak euro coins have their own distinctive, national design, at least on one side. These coins feature the Apostolic cross, Slovakia’s national symbol, the iconic Bratislava Castle and Mount Krivan, one of the country’s major landmarks.

Slovakia’s adoption of the euro naturally raises the question of when Hungary, its larger southern neighbour, will do the same. There is no easy answer to this question, due to the fact that Hungary continues to suffer from a major deficit. According to a report published on Portfolio.hu, Hungary’s current account deficit probably stands close to 9 percent of the GDP and appears to be increasing. Hungary would have to keep its deficit below 3 percent for a period of two years, before it could adopt the euro. As such, the venerable Hungarian forint is almost certain to remain Hungary’s national currency well into the future.

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Canadian Hungarian Journal