Communication from the Commission to the Council, the European Parliament, the European Economic and Social Committee and, Committee of the Regions and the European Central Bank -  Eighth report on the practical preparations for the future enlargement of the euro area SEC(2008) 3014
Date: 2008-12-12
Institutions: European Commission
Subjects: Economic and Monetary Union, Slovakia, euro, euro area, monetary integration

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COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 12.12.2008 
COM(2008) 843 final 

COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE 
EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL 
COMMITTEE AND, COMMITTEE OF THE REGIONS AND THE EUROPEAN 
CENTRAL BANK 

Eighth report on the practical preparations for the future enlargement of the euro area 

SEC(2008) 3014 

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COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE 
EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL 
COMMITTEE AND, COMMITTEE OF THE REGIONS AND THE EUROPEAN 
CENTRAL BANK 

Eighth report on the practical preparations for the future enlargement of the euro area 

1. 

INTRODUCTION 

Following the Council decision of 8 July 2008 that Slovakia fulfils the necessary conditions 
for  the  adoption  of  the  euro1,  the  euro  area  will  have  16  members  on  1  January  2009.  The 
Slovak koruna will be converted into the euro at the rate of 30.1260.  

The  practical  preparations  for  the  changeover  have  entered  the  final  phase.  This  report 
addresses in particular the preparations for the introduction of euro cash into the economy, the 
preparatory  activities  of  businesses,  the  preparations  of  public  administration,  the  measures 
put in place for protecting consumers in the changeover period, the communication campaign 
and the state of public opinion on the euro.  

The attached Commission Staff  Working Document provides for details on the preparations 
for the introduction of the euro in the other EU countries that have not yet adopted it and do 
not have a legal opt-out.  

2. 

STATE OF PREPARATIONS IN SLOVAKIA  

2.1. 

Preparations for the cash changeover 

According to the calculations of the National Bank of Slovakia (NBS), some 188 million euro 
banknotes and 500 million euro coins will be needed to replace the Slovak koruna cash in 
circulation and the cash stocks of the NBS. The banknotes were borrowed from the Austrian 
National Bank. The euro coins bearing Slovak national sides are minted by the Slovak Mint of 
Kremnica. Some 170 million coins were minted by 17 October. The remaining coins needed 
for circulation and some 150 million coins needed for the NBS stocks should be minted until 
the end of this year. The Mint of Kremnica prepares 204 500 Slovak euro coins sets in three 
sorts  of  packaging  for  coin  collectors.  The  NBS  has  already  launched  the  destruction  of 
Slovak koruna cash from its stocks in order to free storage capacity for euro cash. The Slovak 
euro  coins  have  been  successfully  tested  by  coin  testing  machines  producers,  producers  of 
coin validators for vending machines and users of vending machines from Slovakia and other 
European  and  non-European  countries.  The  frontloading  of  commercial  banks  started  on  6 
September  2008  for  euro  coins  and  a  month  later  for  euro  banknotes.  The  NBS  signed  the 
frontloading  contracts  with  16  commercial  banks.  The  coins  are  being  distributed  to 
commercial banks from a remote branch of the NBS created for this purpose in the Mint of 
Kremnica. This distribution system helps creating sufficient storage space for euro banknotes 

1 

Council  decision  (2008/608/EC)  of  8  July  2008  in  accordance  with  Article  122(2)  of  the  Treaty  on  the 
adoption by Slovakia of the single currency on 1 January 2009  

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and  coins  which  are  distributed  directly  from  the  NBS  headquarters  and  its  seven  regional 
branches. The state police escorts guarantee high security of all euro cash transports.  

The sub-frontloading started at the beginning of November 2008. As of 15 November, the 
banks supplied with euro cash some 1036 businesses. The total number of businesses which 
have manifested an interest in being supplied with euro cash before €-day increased from 12 
000 in March to 13 300 in October 2008. Almost 23% of frontloaded banknotes and 66% of 
frontloaded  coins  will  be  distributed  by  commercial  banks  to  their  clients.  Slovak  banks  do 
not envisage using the new simplified ECB rules for sub-frontloading adopted in June 20082.  

Citizens will have the opportunity to buy euro coin mini-kits, starting from December 2008. 
1.2 million mini-kits will be on sale in banks, in the NBS and in the Slovak Post offices for 
500 SKK (approximately €16.60). Packed in plastic bags, the mini-kits will contain a mix of 
45  pieces  of  all  Slovak  euro  coins'  denominations.  The  mini-kits  are  very  helpful  in  getting 
people acquainted with their new coins before €-day.  It is likely that the mini-kits will be also 
purchased  by  small  businesses  which  do  not  plan  to  be  sub-frontloaded  via  a  contract  with 
their bank (by purchasing several pieces of mini-kits, the small retailers can easily obtain euro 
cash for giving change in the first days of January). The sales of mini-kits should therefore be 
carefully monitored by the NBS as the planned quantities could prove to be insufficient.  

Some commercial banks in Slovakia envisage providing for exchanges of the legacy currency 
against  euro  at  the  official  conversion  rate  without  fees  in  the  last  weeks  of  the  year.  The 
exchanges of hoarded cash should thus be spread over a longer period of time and the banks 
should be able to better manage the extra workload. Many banks also offer special products to 
attract new clients or motivate their actual clients to deposit the cash they keep at home on a 
bank account. The banks will convert all bank accounts into euro for free at €-day.  

To facilitate the changeover, the NBS and commercial banks will be open for cash exchanges 
and  withdrawals  on  1  January  (which  is  normally  a  banking  holiday)  as  well  as  on  the 
weekend  days  of  3-4  January  2009.  The  commercial  banks  plan  to  increase  the  number  of 
staff in contact with the public with employees coming from their back-offices and non-cash 
sections  of  the  branches.  The  banks'  staff  members  were  trained  to  handle  euro  cash  and 
provide information on the euro. In order to  make the changeover smooth and efficient, the 
banks  should  communicate  with  their  clients  on  the  organisation  of  the  changeover  and 
services  which  they  offer.  In  the  first  days  of  January,  the  banks  should  be  ready  to  adjust 
their capacities to the number of clients visiting the branches (an increase of up to 50% of the 
number of people visiting banks' premises should be expected). 

All approximately 2200 ATMs in Slovakia should dispense only euro banknotes (mainly €10 
and €20) as of 1 January. A part of the ATMs will  be switched to the euro remotely while the 
others will have to be adapted manually. All 30 000 point of sales terminals should be able to 
work in euro as of €-day. As Slovak citizens  use the cards mostly for withdrawing cash from 
ATMs,  they  are  being  encouraged  by  the  authorities  and  banks  to  increase  their  use  for 
payments in the changeover period. 

In order to protect the euro against counterfeiting, Slovakia established a National Central 
Office at the Ministry of Interior as well as a national analysis centre for banknotes and a coin 

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ECB  Guideline  (ECB/2008/4)  of  19  June  2008  amending  Guideline  ECB/2006/9  on  certain 
preparations for the euro cash changeover and on frontloading and sub-frontloading of euro banknotes 
and coins outside the euro area 

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national  analysis  centre,  both  situated  within  the  NBS.  The  NBS,  commercial  banks,  big 
enterprises and cash handling institutions have ordered the necessary equipment to control the 
authenticity  of  euro  banknotes  and  they  are  training  cash  handling  employees.  The 
information  brochures  distributed  to  general  public  in  the  framework  of  the  national 
communication campaign also provide information on the security features of euro cash. 

•  The  financial  sector  in  Slovakia  is  well  advanced  with  the  preparations  for  the 
changeover. The production and distribution of euro coins should continue swiftly to 
meet the target dates for frontloading and sub-frontloading; 

•  The sales of mini-kits should be carefully monitored and additional supplies should be 

considered; 

•  The  banks  are  doing  extensive  preparations  for  the  changeover:  they  should  make 
sure  that  both  their  corporate  and  private  clients  are  informed  about  the  products 
and services they offer and are aware of the schedule of changeover operations. They 
should  also  prepare  themselves  carefully  for  a  considerable  extra  attendance  of  the 
public in their branches in the first days of January; 

2.2. 

Preparations of businesses 

The  Flash  Eurobarometer  survey  conducted  among  Slovak  entrepreneurs  in  June  20083 
revealed that a majority of businesses started to prepare for the changeover well in advance. 
Some 80% of enterprises launched the practical preparation more than 6 months before €-day. 
At the same time, a high proportion of enterprises declared to be in need of basic information 
about the changeover. More than 70% of enterprises wanted to get better informed about the 
conversion rules, including the rules for rounding of prices and almost 58% desired to obtain 
more information about the dual display of prices. The lack of information translated into a 
relatively  high  rate  of  mistakes  discovered  during  the  controls  of  application  of  the 
changeover  rules  made  by  the  Slovak  Trade  Inspection  (STI).  In  the  first  two  weeks  of  the 
dual display of prices period (24 August – 7 September) there were shortcomings identified in 
some 45% of controlled shops and service providers' outlets (i.e. the conversion rate was not 
displayed or was incorrect, the price in euro was missing or was calculated/rounded wrongly 
etc.).  With  the  changeover  day  approaching,  the  entrepreneurs  started to  look  more  actively 
for information and the results of the controls were improving. As of mid-October 2008, 74% 
of  the  8200  businesses  controlled  by  the  STI  applied  the  changeover  rules  correctly.  Apart 
from controlling, the inspectors of the STI explain the rules of the changeover and distribute 
the information materials. A significant part of identified shortcomings is therefore corrected 
at  the  moment  of  the  control  itself.  Special  attention  is  paid  to  SMEs  and  businesses  in  the  
remote areas.  

The  National  Agency  for  the  Development  of  Small  and  Medium  Sized  Enterprises 
(NADSME)  has  noticed,  while  organising  information  seminars  on  the  euro,  an  increase  in 
the interest of businesses. Its autumn round of seminars attracted much more interest than the 
June 2008 round. The seminars organised in 18 Slovak towns aimed at providing all necessary 
information on the  changeover. Entrepreneurs can also find information on the web sites of 
NADSME and the Ministry of Economy, in the dedicated part of the national euro web site 
www.euromena.sk and in the brochures of NADSME and the NBS.  

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Flash Eurobarometer 240, June 2008 

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Some  businesses  which  were  waiting  with  the  preparations  until  the  very  last  moment  may 
experience  problems  with  adaptations  of  IT  systems  and  cash  registers.  Many  IT  service 
companies have announced that they are fully booked until the end of the year. According to 
Slovak changeover rules, the costs of the changeover can not be included into prices.  

The retailers should be giving change exclusively in euro as of €-day. Appropriate measures 
should  therefore  be  put  in  place  with  a  view  to  easing  the  work  of  cashiers  and  limiting 
waiting times at the tills (e.g. get cashiers acquainted with the new currency and provide them 
with  separate  boxes  for  koruna  cash  and  euro  cash,  open  information  desks  in  large  retail 
shops to answer customers' questions, hiring temporary staff for packing products into bags in 
the supermarkets etc.). The retailers should foresee sufficient storage capacities for retrieving 
koruna cash and plan cash transports to banks. 

•  The  authorities  should  combine  their  efforts  for  ensuring  that  all  businesses  are 

sufficiently informed about the changeover and get appropriate support; 

•  The  progress  of  preparations  of  SMEs  should  be  regularly  monitored.  The  newly 
planned survey on SME preparations will help getting a better view of the situation.  

2.3. 

Preparations of public administration 

On 24 September 2008 the Government of Slovakia approved the third update of the National 
Plan  for  the  Introduction  of  the  Euro,  integrating  the  date  of  abrogation  of  Slovakia's 
derogation and the irrevocably fixed conversion rate.  

The  adaptation  of  legal  acts  required  by  the  changeover  follows  the  schedule  fixed  by  the 
National  Plan.  A  majority  of  official  forms  have  already  been  adapted  to  the  euro  and 
published  on  the  web  sites  or  in  the  bulletins  of  the  responsible  institutions.  Administrative 
bodies started to display all financial amounts in both Slovak koruna and euro at the starting 
day of the mandatory dual display (24 August). All sums to be paid to citizens were rounded 
up  while  all  fees  and  charges  were  rounded  down.  All  pensioners  received  a  calculation  of 
their  pension  in  euro  together  with  necessary  information  on  the  changeover  by  the  Social 
Security Scheme.  

The Ministry of Finance has initiated three rounds of monitoring of the progress of adaptation 
of information systems. The third monitoring round covered 654 public administration bodies 
(e.g.  ministries  and  other  central  administration  bodies,  regional  administration  bodies, 
administrations of towns and municipalities). As of 30 August 2008, some 97% of controlled 
bodies have launched the dual display of prices and almost 84% have already tested their IT 
systems' compatibility with the euro. As much as 94% of administrations do not expect major 
problems  with  the  conversion.  Some  shortcomings  were  identified  in  6%  of  surveyed 
administrations, notably in small towns and municipalities. The corrective mechanisms have 
been employed in order to get all IT systems ready on time.  

The  Slovak  Post-  which  will  play  an  important  role  in  the  distribution  of  euro  cash  to  the 
general  public-  is  finalising  its  preparations:  a  majority  of  IT  systems  have  already  been 
adapted and tested. The Post will be selling euro coin mini-kits starting from December 2008 
and  make  the  payments  of  pensions  and  allowances  in  euro  as  of  January  2009.  The  Post's 
staff  will  in  practice  be  an  important  source  of  information  for  pensioners  and  other 
vulnerable  groups  of  population.  It  has  launched  an  intense  information  campaign  and 
organised several rounds of trainings for its employees.  

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The  ministries  and  other  central  administrative  bodies  have  prepared  information  materials 
and  organised  trainings  for  employees  of  their  branches  and  organisations  under  their 
responsibility.  Special  attention  was  paid  to  staff  members  who  are  in  direct  contact  with 
general  public.  The  Association  of  Towns  and  Villages  have  prepared  two  changeover 
manuals for the administrations of towns and municipalities and organised numerous seminars 
on the changeover topics (e.g. preparations of local budgets in euro, creation of euro teams, 
conversion of IT systems etc.) for their members. The Association does not expect any major 
problem in the changeover of local administrations.  

In  the  last  few  months  the  preparations  of  Slovak  public  administration  for  the  euro 
have  achieved  a  noticeable  progress.  It  is  important  to  ensure  that  the  administrative 
bodies  where  the  shortcomings  were  identified  finalise  the  adaptations  of  their  IT 
systems and test their functioning ahead of €-day. Smaller towns and villages should be 
assisted if needed. 

2.4. 

Preventing abusive practices and erroneous perception of the evolution of prices 
by the citizens  

Over  the  last  months,  the  Slovak  authorities  have  adopted  a  set  of  measures  with  a  view  to 
contributing to price stability and enhancing consumer confidence in the changeover period.  

The  Government  Plenipotentiary  for  the  euro  together  with  the  Association  of  Slovak 
Entrepreneurs have launched an 'Ethical Code' project which bounds its adherents to respect 
the  rules  of  the  changeover,  not  to  abuse  it  for  their  own  profit  and  actively  provide 
information  on  the  changeover  to  their  clients,  business  partners  and  staff.  The  logo  of  the 
Code  can  be  currently  found  at  some  16  000  places:  shops,  service  providers'  outlets,  local 
and regional administrative bodies. The logo was introduced to the general public in a special 
TV  spot.  Citizens  can  complain  about  incorrect  behaviour  of  the  Code's  signatories  in  the 
Plenipotentiary's  office,  which  investigates  the  complaints  and  asks  for  corrections.  The 
signatories breaching the Code can lose the sticker and be displayed on the 'Black list' of the 
Association of Slovak Consumers. 

The obligatory dual display of prices in Slovak koruna and euro started on 24 August 2008 
and  will  last  until  1  January  2010.  Its  implementation  is  carefully  monitored  by  the  Slovak 
Trade Inspection which sends on a daily basis its inspectors to retail and service providers' 
outlets.  60  additional  inspectors  supported  by  the  Commission  under  the  Grant  agreement 
reinforced the STI as of November. In the period 24 August – 31 October, the STI controlled 
10 920 points of sale, 494 685 price tags of goods and 49 089 prices of services. In the last 7 
days  of  this  period  the  share  of  shops  and  service  providers'  outlets  which  applied  all  the 
changeover  rules  correctly  reached  85%  (compared  with  72%  in  the  last  week  of  August). 
Virtually all prices were displayed in Slovak koruna and in euro. The share of prices of goods 
which were incorrectly converted to euro decreased to 2.78%. In the sector of services, there 
were 6.7% of prices in euro which were incorrectly calculated or rounded. The results of the 
controls  are  significantly  improving  over  time.  Many  identified  shortcomings  are  corrected 
already during the controls, with the help of inspectors. For more time demanding adjustments 
the inspectors fix a deadline of few days. If no correction occurs, the next step is to issue a 
warning and, eventually, to open an infringement procedure (13 infringement procedures had 
been open until 31 October). Serious breaches of the changeover rules can be fined up to € 60 
000. 

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Apart  from  own  initiative  controls,  the  STI  also  makes  'targeted'  controls  following 
complaints  from  citizens  on  incorrect  application  of  the  rules  of  dual  display  or  unusual 
increase  of  prices.  Until  31  October,  the  STI  had  received  84  complaints  from  citizens, 
pointing at missing dual display on price tags and leaflets, incorrect calculation of prices in 
euro or missing conversion rate and some 42 complaints related to price increases. Out of 77 
investigated complaints, only 35% proved to be justified (the prices were converted wrongly 
or the dual display was missing). The retailers were asked to correct the shortcomings within 
a  short  period  of  time.  All  complaints  regarding  the  price  increases  were  also  carefully 
examined: the price changes were compared with long term trends, prices of the same product 
in  other  shops  and  considered  within  the  broader  context  (e.g.  applicable  prices  of  inputs, 
developments  on  world  markets).  Based  on  the  results  of  the  analysis,  the  complaints  were 
deemed to be unjustified. If the STI concludes that some prices rise abnormally, the retailers 
will  be  asked  to  reconsider  their  prices.  As  a  possibility  of  last  resort,  the  recently  adopted 
amendment  of  the  Penal  Code  provides  for  a  possibility  to  put  a  retailer  who  abuses  of  the 
changeover in jail. This measure is mainly preventive. 

The controls of the STI are complemented by a price monitoring scheme by the Association 
of Slovak Consumers. Inspectors-volunteers monitor the prices of selected products in some 
350  retail  outlets  every  two  weeks  and  analyse  their  evolution  over  time.  This  'regular' 
monitoring  is  complemented  with  random  controls  and  investigations  based  on  complaints 
from citizens. If an unusual price increase is identified, the inspectors-volunteers investigate 
the  reasons.  If  a  retailer  or  service  provider  does  not  provide  a  relevant  explanation  of  the 
price increase and refuses to revert to a former price, the Association publishes the name of 
the shop on a 'Black list' on its web site. The black-listed shops and service providers will be 
under  control  of  the  STI  and  professional  associations  they  belong  to.  If  they  signed  the 
'Ethical  Code',  they  lose  the  right  to  use  the  subscribers'  logo.  The  'Black  list'  is  also  under 
daily scrutiny of media.  

As far as the official statistical monitoring of prices in the changeover period is concerned, 
the Statistical Office of Slovakia monitors the prices of 196 frequently purchased goods from 
1  August  2008  to  30  June  2009  every  10  days.  Until  mid-October  2008,  the  prices  of  the 
controlled sample of goods and services were decreasing or rising only slightly if compared to 
the  beginning  of  August.  The  rise  of  prices  of  services  and  meat  was  neutralised  by 
decreasing prices of petrol products and dropping prices of seasonal fruits and vegetables.  

The developments of prices in all sectors of the economy are regularly examined by a special 
body created by the government- the Price Council. The Council is chaired by the President 
of  the  Slovak  Chamber  of  Commerce  and  composed  of  several  Ministers  and  other 
representatives  of  public  and  private  sectors.  If  the  Council  concludes  that  prices  in  some 
sector increased abnormally it will ask the Minister in charge of the sector (i.e. the Minister of 
Agriculture for prices of food products) to provide a detailed analysis of the situation. If the 
analysis  concludes  that  the  price  increase  was  'speculative',  the  Minister  has  to  propose 
corrective  measures  and  regularly  monitor  their  implementation.  Should  the  measures 
employed prove to be insufficient, the Council can propose to the government to regulate the 
prices of a particular good or service. The administrative price regulation in all sectors of the 
economy  was  enabled  by  an  amendment  to  the  Decree  18/1996  on  prices  adopted  in 
September  2008.  The  development  of  prices  of  dental  care,  fees  for  parking  and  driving 
school fees are currently under examination by the responsible Ministries. 

•  Slovakia has put in place a comprehensive set of consumer protection measures. It is 
important  that  their  purpose  and  functioning  is  well  explained  to  citizens  and 

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businesses.  The  contact  numbers  for  consumers'  complaints  should  be  widely 
advertised among the general public; 

•  The  voluntary  commitment  of  the  subscribers  of  the  'Ethical  Code'  to  respect  the 
rules of the changeover should be further promoted by the authorities and signatories 
themselves in order to increase consumers' confidence; 

•  It is crucial to ensure that the control bodies have sufficient resources to check on the 
implementation  of  the  changeover  rules  throughout  the  whole  country.  Particular 
attention should be paid to price developments at the end of the dual display of prices 
and after the expiry of the 'Ethical Code', as well as in the sectors were irregularities 
were frequently discovered during the previous changeovers; 

•  Delaying  normal  price  adjustments  driven  by  changing  production  costs  by 
administrative  measures  should  be  avoided.  Distorted  price  signals  resulting  from 
administrative price regulation would unavoidably lead to larger price adjustments in 
the future.  

2.5. 

Communication activities and public opinion 

The information campaign on the euro is in full swing in Slovakia. The government appointed 
a communication agency for putting into operation the media campaign. The spots have been 
mostly focussing on practical aspects of the changeover: the conversion rate, the dual display 
of prices, cash changeover modalities, the 'Ethical Code' and de-hoarding. A complementary 
media campaign that started 100 days before €-day involves Slovak personalities explaining 
the  benefits  of  the  euro  and  experts  responding  to  frequently  asked  questions  about  the 
changeover  in  short  spots  broadcasted  after  the  evening  TV  journal.  Furthermore,  a 
'Euromobile'  cruises  the  country  and  provides  information  on  the  euro  to  vulnerable  groups 
and  citizens  in  rural  areas.  An  event  celebrating  100  days  to  euro  was  organised 
simultaneously in 8 regional capitals and attended by some 35 000 people. The largest mega-
board  ever  displayed  in  Slovakia  showing  the  euro  coin  is  covering  the  front  of  the  NBS 
building  in  Bratislava  while  its  smaller  copies  are  displayed  at  8  regional  branches  of  the 
NBS. 

Additional communication activities are performed in a co-ordinated manner by the National 
Bank of Slovakia, the Ministry of Finance and other public administration bodies. Since the 
summer period the Slovak authorities have conducted regular press briefings that resulted in a 
well informed and overall positive press corps.  

Under  the  Partnership  Agreement,  signed  between  the  Slovak  authorities  and  the  European 
Commission  on  7  December  2007  a  number  of  joint  communication  activities  were 
implemented: a travelling Euro Exhibition, a Euro Conference in September 2008, seminars 
for  journalists,  a  survey  and  opinion  polls.  The  Commission  also  provided  the  Slovak 
authorities with publications and promotional material.  

In the context of the Partnership Agreement, both parties signed two grant agreements. The 
Commission is co-financing the employment of extra communication staff, the national euro 
website  and  telephone  line,  buying  of  space  in  electronic  media,  extra  employees  at  the 
Slovak Trade  Inspection, the campaigns  dedicated to schools  and Roma  minority and direct 
mailings  of  the  euro  calculator  and  information  leaflets  to  households  (the  information 
packages were distributed to all Slovak households in November).  

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The  European  Central  Bank  (ECB)  also  implements  in  cooperation  with  the  NBS  joint 
activities  aimed  at  familiarising  the  general  public  (but  also  the  professional  cash  handlers) 
with the euro cash changeover modalities and the visual appearance and security features of 
the  euro  banknotes  and  coins.  The  ECB’s  “€  Our  money”  logo  was  used  to  brand  all 
communication  activities.  More  technical  training  tools  have  been  developed  for  specific 
target  groups  (banks,  police  forces,  etc.)  and  over  7  million  copies  of  various  publications 
have  been  produced  by  the  ECB  for  Slovakia.  The  ECB's  information  brochures  and 
conversion cards will be distributed to all households in December.  

The  results  of  the  recent  Eurobarometer  survey  in  Slovakia4  reflect  the  impact  of  the 
intensified  campaign  on  the  self-perceived  level  of  information:  80%  of  citizens  feel  rather 
well or very well informed which is an improvement of 15 percentage points (pp) since spring 
2008. The survey also showed that support for the euro is again on the rise: the trend from the 
spring 2008 has reverted and the number of people who are rather or very happy that the euro 
will be introduced is increasing (57%, +5pp since spring5), while only 35% are rather or very 
unhappy  about  it  (-8pp).  Over  half  of  Slovaks  think  that  the  euro  will  be  positive  for  their 
country and for themselves. 

The  fear  of  price  increases  at  the  occasion  of  the  changeover  remain  a  serious  concern  for 
almost  65%  of  citizens,  which  is,  however,  11pp  lower  than  in  the  spring  2008.  The 
information  campaign  thus  seems  to  bear  fruit.  On  the  other  hand,  only  39.5%  (-7pp)  think 
that  the  euro  will  ensure  low  inflation  rates  in  the  future,  possibly  reflecting  the  current 
uncertain global situation.  

The  last  phase  of  the  information  campaign  in  Slovakia  should  address  the  remaining 
fears towards the euro and increase consumers' confidence. To tackle persisting fears of 
price increases in the changeover period, the citizens need to be continuously informed 
about the results of the price monitoring and other control activities. 

4 
5 

Flash Eurobarometer 249, October 2008 
Flash Eurobarometer 237, May 2008 

EN 

9 

   EN