Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee, the Committee of the Regions and the European Central Bank - The introduction of the euro in Slovakia
Date: 2009-04-20
Institutions: European Commission
Subjects: European Monetary System, Slovakia, euro, national currency, report, transitional period (EU)

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COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 20.4.2009 
COM(2009) 178 final 

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

The introduction of the euro in Slovakia 

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

The introduction of the euro in Slovakia 

1. 

INTRODUCTION 

Following the Council Decision of 8 July 2008 that Slovakia fulfils the necessary conditions 
for the adoption of the euro, the euro-area enlarged to 16 members on 1 January 2009, the day 
when the tenth anniversary of the euro was celebrated. 

Slovakia opted for a "Big Bang" changeover scenario, i.e. without a transitional period. As in 
Slovenia, the period of dual circulation, during which payments were accepted both in euro 
and  Slovak  koruna,  lasted  for  two  weeks.  The  successful  changeover  confirmed  that,  if 
meticulously  prepared,  a  short  dual  circulation  period  can  be  sufficient,  even  for  a  country 
with  a  high  amount  of  cash  in  circulation.  A  large  majority  of  Slovak  citizens  (91%) 
perceived the changeover as smooth and efficient.  

This  Communication  covers  the  most  important  aspects  of  the  changeover  process,  in 
particular the cash changeover (see Section 2), the measures taken to fight citizens' fears of 
price increases (see Section 3), the price developments in the changeover period (see Section 
4), the information campaign and the citizens' opinion on the running of the changeover (see 
Section  5).  Where  relevant,  the  conclusions  are  drawn  which  may  be  of  value  for  future 
changeovers. 

2. 

THE CASH CHANGEOVER 

The cash changeover constitutes probably the most visible element of the currency switchover 
since  virtually  all  financial  institutions,  businesses  and  citizens  are  involved.  The  efficient 
running of this operation depends on a proper supply of euro cash to all parties involved and 
on banks and businesses being well prepared for a large extra workload.  

2.1. 

Preparations for the cash changeover 

To  replace  the  Slovak  koruna  in  circulation  and  the  cash  stocks  of  the  National  Bank  of 
Slovakia  (NBS),  some  188  million  euro  banknotes  were  borrowed  from  the  Austrian 
National Bank while 500 million euro coins were minted by the Slovak Mint of Kremnica. 
Among the new Member States introducing the euro, Slovakia was the first one to mint the 
euro coins with its own production facilities. 

The  NBS  started  the  frontloading  of  the  16  commercial  banks  working  with  cash  on  6 
September  2008  for  euro  coins  and  a  month  later  for  euro  banknotes.  The  state  police 
systematic escorts guaranteed high security for all euro cash transports.  

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The  sub-frontloading  of  euro  cash  to  businesses  was  initiated  at  the  end  of  October  2008. 
Some  14  000  businesses  signed  a  sub-frontloading  contract  with  a  bank  and  were  supplied 
with almost 24% of the value of frontloaded banknotes and 68% of the value of frontloaded 
coins. In total, 27.8% of the value of frontloaded cash was distributed to businesses before €-
day. In Slovenia, the sub-frontloading represented only 2.4% of the value of frontloaded cash 
while in both Cyprus and Malta it was only around 1%. 

Slovak banks did not use the new simplified ECB rules for sub-frontloading adopted in June 
20081. According to the NBS and the commercial banks, the new Guidelines came too late to 
be  used  in  Slovakia  since  a  large  number  of  sub-frontloading  contracts  were  already 
concluded by May 2008. Changing the rules during the process could have put enterprises on 
an  unequal  footing  and  it  would  have  required  substantial  changes  in  the  cash  distribution 
plans. 

All  1  320  000  pre-packed  coin  kits  (mini-kits),  worth  500  SKK  (approximately  €16.60), 
ordered  by  the  NBS  were  sold  to  businesses  and  the  general  public  between  1  and  31 
December 2008. Based on the previous experience, the Commission recommended preparing 
approximately  one  mini-kit  per  household.  Since  Slovakia  had  some  2  million  households 
and, additionally, did not prepare special euro coin kits for retailers, the Commission pointed 
out in the 7th and 8th 'Report on the practical preparations for the future enlargement of the 
euro area',  that  the  quantity  of  mini-kits  ordered  by  the  NBS  might  not  be  sufficient.  Since 
many commercial bank branches and post offices ran out of mini-kits in the first days (81% 
were sold up until 5 December), the NBS recommended limiting the sales to a maximum of 
10 mini-kits per person. A number of businesses bought pre-packed coin kits to obtain euro 
cash  for  giving  change  while  some  companies  and  administrative  bodies  used  them  as 
Christmas  presents  or  end-of-the-year  bonuses.  Since  they  did  not  signal  their  needs  to  the 
NBS in advance, many distributors ran quickly out of their mini-kits stocks. According to a 
Commission survey, 25% of the citizens who did not buy a mini-kit explain it by the absence 
of available ones2. 

With a view to spreading the exchanges of hoarded cash over a longer period of time, some 
commercial banks provided for exchanges of Slovak koruna cash against euro at the official 
conversion  rate  free  of  charge  in  the  last  weeks  of  2008.  Many  banks  also  offered  special 
products for attracting new customers or pushing their current clients to deposit the cash kept 
at home on a bank account.  

According  to  a  Commission  survey  made  three  days  before  the  changeover3,  a  large 
proportion  of  the  Slovak  citizens  already  possessed  some  euro  cash:  60%  had  euro  coins  - 
mainly  from  the  starter  kits  (53%)  and  from a  previous  trip  abroad  (42%)  -  while  49%  had 
euro  banknotes  –  mainly  from  a  trip  abroad  (56%)  and  from  an  exchange  in  a  bank  in 
Slovakia (39%).  

The  frontloading  and  sub-frontloading  operations  were  well  organised.  The  value  of 
cash supplied to businesses before the changeover was significantly higher than during 

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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. 
Flash Eurobarometer 259, January 2009. 
Flash Eurobarometer 255, January 2009. 

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the three last changeovers.  

High demand for euro coins mini-kits in Slovakia confirmed that citizens are attracted 
by  the  first  euro  coins  with  the  national  side  of  their  country,  even  when  they  already 
hold euro coins issued by other countries. It is important to prepare sufficient numbers 
of mini-kits for all citizens so that they can get familiar with their new currency ahead of 
the changeover. Since businesses need the euro coins for giving the change as from the 
changeover  day,  special  retailer  starter  kits  should  systematically  be  foreseen  to  meet 
their needs. The demand of businesses and various institutions that may use coins kits as 
presents should be also taken into account when planning the volumes of production. 

In order to facilitate the access of small businesses to euro cash, the new simplified ECB 
guideline for sub-frontloading should henceforward be used. 

2.2. 

The period of dual circulation 

During  the  16  days  of  the  dual  circulation  period  (1-16  January),  the  NBS  and  commercial 
banks  were  open  for  cash  exchanges  virtually  every  day  (with  the  exception  of  Sunday  11 
January).  The  number  of  clients  coming  to  the  banks  was  rather  limited  until  Sunday  4 
January,  but  the  situation  changed  dramatically  on  5  January  when  many  people  returned 
from  holidays:  citizens  made  almost  198  000  exchanges  or  cash  withdrawals  over  the  bank 
counter and exchanged almost €325 million, which  is a hundred times more than on 5 January 
2008. The second highest number (168 000) and value (€ 261 million) of the exchanges of the 
dual circulation period was registered on 7 January. 

According  to  all  available  information,  the  banks  did  not  report  major  problems.  The  IT 
systems  of  all  banks  were  successfully  converted  by  3  January  and  a  complete  range  of 
banking services was available since 5 January. Due to meticulous preparations, banks coped 
successfully with the extra large workload and waiting times remained generally reasonable. 
According  to  a  Commission  survey,  only  a  minor  proportion  of  the  persons  who  went  to  a 
bank complained about a lengthening of the waiting lines. This problem was most frequently 
mentioned by the interviewees on 5 January, which is natural, since it was the busiest banking 
day  of  the  whole  dual  circulation  period.  Between  1-16  January,  citizens  made  1  418  000 
exchanges and withdrawals over the bank counter, which is four times as many as in the first 
16 days of the previous year and exchanged/withdrew some € 2.207 billion which is 2.4 times 
as many as in 1-16 January 2008.  

Compared  to  the  other  countries  where  the  euro  had  recently  been  introduced,  Slovaks  had 
similar experiences to the Cypriots: 8% in both countries experienced  some  problems  when 
doing  cash  exchange  or  withdrawing  the  new  currency  from  banks.  The  Maltese  had  more 
difficulties  (13%  -  mainly  long  waiting  lines),  while  the  Slovenes  had  the  smoothest 
experience (3%). The self-employed had more problems in the banks than respondents from 
the other occupational groups.4  

All  the  approximately  2200  ATMs  in  Slovakia  dispensed  only  euro  banknotes  (mainly  €10 
and €20) and the 32 000 point of sales terminals  worked in euro shortly after midnight on 1 
January. The ATMs were seriously challenged on 5 January when people withdrew 2.5 times 
more cash in value (€ 41 million) than on 5 January 2008.  

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Flash Eurobarometer 259, January 2009. 

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The  use  of  the  euro  for  payments  in  the  first  days  progressed  more  slowly  than  in  previous 
changeovers.  In  Slovakia,  45%  of  shoppers  paid  in  euro  on  5  January  while  it  was  78%  in 
Slovenia  on  the  same  day  (see  Graph  1).  In  Cyprus  and  in  Malta  where  citizens  could  pay 
with their legacy currencies until the end of January, the share of payments in euro breached 
70% on 4 January. On 7 January, when most Slovaks came back from holidays, the speed of 
the changeover caught up on the other new Member States which have introduced the euro.  

Graph 1 

Share of the euro in the cash payments in shops  
(% among shoppers) 

100

75

50

25

0

78

73

54

39

45

64

27

18

19

1

3

96100

95

87

92

78

% Slove nia

% Slovakia

29 1

2 3

4

5 6

7 8

9 10 11 12 13 14 15 16

The  slower  beginning  of  the  switchover  to  the  euro  in  Slovakia  was  probably  caused  by  the 
combination of long winter holidays (1 and 6 January were public holidays) together with the 
abnormally large number of retailers giving the change in Slovak korunas on 1 and 2 January 
(respectively  62%  and  16%).  As  of  3  January,  the  retail  sector  followed  the  calls  from  the 
Slovak authorities and the Commission urging them to give the change exclusively in euro: the 
proportion of cash transactions with change given in Slovak koruna fell to 3% on 5 January and 
was close to zero on 7 January.  

The retail sector coped well with the increased workload. Banks and authorities encouraged 
the citizens to use the 5.2 million cards in their possession for payments in order to alleviate 
the burden put on the retail sector. Those calls were not really followed, with in average less 
than  2.5%  of  the  Slovaks  declaring  having  paid  with  a  card  during  the  dual  circulation 
period5. 

In shops, there were limited queues observed in the first days of January. Most retailers have 
not  reported  problems  with  cash  supplies  or  storage  of  the  koruna  cash  withdrawn  from 
circulation. Some shops located in rural areas experienced problems with pensioners trying to 
spend the high denomination euro banknotes received for their pension payments via the post 
offices.  Following  those  incidents,  the  Slovak  authorities  and  the  Commission  recalled  the 
importance of distributing pensions and salaries in low denomination euro banknotes6. 

The  Commission  surveys,  asking  respondents  to  inspect  their  wallets  and  purses  confirmed 
the somewhat slower speed of the transition than observed in the previous changeovers. The 
results  depicted  in  Graph  2  show  that  5  days  after  the  changeover  some  56%  of  Slovaks 

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Flash Eurobarometer 255, January 2009. 
The  shops  in  rural  areas  have  more  difficult  access  to  banks  so  they  can  quickly  run  out  of  cash  for 
giving change. 

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possessed only or mostly euro banknotes while some 63% of citizens had only or mostly euro 
coins. In Slovenia, 81% of citizens had only or mostly euro banknotes and as much as 88% 
had only or mostly euro coins on 5 January. The changeover in Slovakia speeded up as from 7 
January.  One  day  before  the  end  of  the  dual  circulation  period,  97%  of  Slovaks  possessed 
only or mostly euro banknotes while 98% had only or mostly euro coins.  

Graph 2 

Citizens with only or mostly euro banknotes in their wallets 
(% among the 15+ population) 

Citizens with only euro banknotes 

Citizens with mostly euro banknotes 

100

75

50

25

0

87

82

90
89

54

51

73

69

39

30

45

25

19

2

12

6

2

% Slovenia

% Slovakia

100

75

50

20

25

0

% Slovenia

% Slovakia

30

31

3 0

31

26

26

25

22

31

29

21

12

22

8

8
8

29 1

2 3

4

5

6

7

8

9 10 11 12 13 14 15 16

29

1

2

3

4

5

6

7

8

9

10 11 12 13 14 15 16

A majority of Slovaks (64%) surveyed in the second half of January said it was very easy or 
rather  easy  to  distinguish  and  manipulate  the  euro  coins.  A  bit  more  Slovenes  (69%)  and 
Maltese (75%) and considerably more Cypriots (81%) felt the same after the end of the dual 
circulation  period.  Like  in  the  other  countries,  Slovaks  got  quicker  familiar  with  euro 
banknotes: 81% of Slovaks said it was easy or very easy to handle them compared to 88% of 
Maltese,  91%  of  Slovenes  and  95%  of  Cypriots7.  The  difficulties  in  handling  the  new 
currency were more frequently reported by older respondents. 

2.3. 

Recovery of legacy currency 

A  significant  proportion  of  Slovak  koruna  cash  in  circulation  was  recovered  before  the 
changeover. Almost a half of the value of Slovak koruna cash in circulation in mid-September 
2008  (SKK  140  billion)  was  recovered  before  31  December  2008  while  SKK  77  billion 
remained in circulation. The first nine days of January 2009 saw a recovery of some 30 billion 
Slovak  korunas  and  additional  SKK  16  billion  were  retrieved  before  the  end  of  the  dual 
circulation period. At the end of January 2009, there were some 16 billion SKK in circulation 
(20%  of  the  value  of  Slovak  koruna  cash  which  was  in  circulation  at  end  of  2008).  Almost 
94% of the value of SKK cash which remained in circulation was denominated in banknotes 
and only 6% in coins.  

In the first months of 2009, significant quantities of sub-frontloaded euro coins were returned 
to  the  banks:  some  retailers  in  Slovakia  estimated  wrongly  their  needs  and  sub-frontloaded 
excessively.  Following  complaints  from  retailers  on  excessive  banking  charges  for  cash 

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Flash Eurobarometer 259, January 2009. 

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handling, the Slovak Parliament decided that the commercial banks have to accept euro cash 
for  free  if  deposited  on  a  bank  account  from  1  March  until  31  August  2009  (the  estimated 
time needed for retrieving the excessive euro cash from circulation).  

Slovak koruna banknotes can be exchanged free of charge in all commercial banks until the 
end  of  2009,  while  the  National  Bank  of  Slovakia  will  continue  to  exchange  them  for  free 
indefinitely. Slovak koruna coins can be exchanged in commercial banks until 30 June 2009 
and in the NBS until the end of 2013.  

The  changeover  in  Slovakia  was  well  prepared  and  smooth.  Slovaks  successfully 
managed to avoid many problems which occurred in the other countries introducing the 
euro  (e.g.  long  waiting  line  in  banks)  by  learning  from  their  experience.  Although  the 
cash changeover started a bit more slowly than in the other countries which used a big-
bang changeover scenario, the results attained are overall very positive.  

In  order  to  speed  up  the  changeover  and  thus  reduce  the  burden  put  on  retailers  who 
have to handle two currencies simultaneously, the change should be given exclusively in 
euro as of 1 January. It could be considered for future changeovers to introduce a legal 
prohibition  on  the  use  of  the  legacy  currency  for  giving  change  (with  an  exception  for 
cases where it is materially impossible to use the euro). To avoid cash shortages in shops, 
the  salaries  and  pensions-when  paid  in  cash-  should  be  distributed  primarily  in  small 
denomination banknotes.  

The retailers should plan carefully their euro cash needs for the changeover period and 
the banks should consider adapting their fee policy to the exceptional circumstances due 
to the changeover.  

3. 

PREVENTING  ABUSIVE  PRACTICES  AND  ERRONEOUS  PERCEPTION  OF  THE 
EVOLUTION OF PRICES BY THE CITIZENS 

The  Slovak  authorities  have  adopted  a  set  of  measures  ranging  from  voluntary  schemes  to 
thorough  price  monitoring  with  a  view  to  contributing  to  price  stability  and  enhancing 
consumer confidence in the changeover period. 

The logo of the 'Ethical Code' project which binds its adherents to respect the rules of the 
changeover  and  not  to  abuse  it  for  their  own  profit  could  be  found  at  some  20  000  places 
(shops,  service  providers'  outlets,  local  and  regional  administrative  bodies).  Citizens  could 
complain about incorrect behaviour of the Code's signatories in the Office of the Government 
Plenipotentiary  for  the  euro,  which  investigated  the  complaints.  Until  mid-February,  the 
Plenipotentiary  received  only  four  complaints:  all  of  them  proved  to  be  unjustified.  The 
signatories breaching the Code could 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 (STI). According to a Commission survey, nine out of ten Slovaks find the 
dual display of prices to be useful. A majority of respondents said that the dual prices were 
always  correctly  displayed  (53%)  and  another  31%  felt  that  they  were  displayed  correctly 

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most of the times. Compared  to the other countries that have recently adopted the euro, the 
Slovak respondents were among the most satisfied with the dual display8.  

Until  the  end  of  January  2009,  the  STI  made  more  than  25  000  controls.  The  results  of  the 
controls improved significantly over time. The problems (e.g. missing dual display of prices 
or incorrect calculation/rounding of a price in euro, change given in SKK without an explicit 
consent of a customer during the period of dual circulation) were identified more frequently in 
the  shops  or  service  providers'  outlets  with  5  or  less  employees.  If,  at  the  second  round 
control, the STI identifies that there was no correction, the next step is to issue a warning and, 
eventually, to open an infringement procedure. In January and February 2009, the STI opened 
14 infringement procedures and imposed fines for 3 cases. Serious breaches of the changeover 
rules can theoretically be fined up to € 60 000.  

Apart  from  controls  on  its  own  initiative,  the  STI  also  made  'targeted'  controls  following 
complaints from citizens on an incorrect application of the rules of dual display or unusual 
increase of prices. All complaints were 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). In January 
and February 2009, the STI received 607 complaints. Out of the 420 complaints concerning 
price increases, only one proved to be justified.  

Following the suggestions of the Commission, the STI regularly controlled prices in sectors 
where  problems  were  identified  during  the  previous  changeovers  (e.g.  restaurants, 
hairdressers,  cafes  and  car  parks).  It  examines  in  detail  the  prices  of  selected  car  parks, 
driving  schools  and  hairdressers  since  important  price  increases  were  identified  in  these 
sectors since the beginning of the compulsory dual display of prices period. 

The controls of the STI are complemented by a price monitoring scheme by the Association 
of Slovak Consumers. The Association published a 'Black list' with retailers who increased 
their prices in the changeover period and could not provide a relevant explanation of the price 
change.  Until  mid-February,  12  businesses  have  been  black  listed:  all  of  them  are  under 
scrutiny of the Trade Inspection. 

The developments of prices in all sectors of the economy are regularly examined by a special 
body  created  by  the  government-  the  Price  Council.  If,  after  a  detailed  examination,  the 
Council reaches a conclusion that there was a 'speculative' increase of prices in some sector, it 
can propose to the government to regulate the price of a particular good or service. 

Citizens  are  regularly  informed  about  the  results  of  the  controls  through  media  and  are 
encouraged  to  contact  the  Trade  Inspection  or  other  consumer  protection  bodies  if  they 
observe irregularities.  

According to the results of the Commission survey, some 56% of Slovaks (compared to 76% 
of Cypriots and Slovenes and 47% of Maltese) had the impression that the price conversion 
was very often, often or at least sometimes unfair.  

Slovakia has implemented a comprehensive set of measures to prevent misperceptions of 

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Flash Eurobarometer 259, January 2009. 

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the  evolution  of  prices  and  price  abuses,  in  line  with  the  recommendations  of  the 
Commission9. The authorities should make sure that all complaints from the citizens are 
dully investigated and pay special attention to the price developments at the end of the 
dual display of prices period. 

4. 

PRICE TRENDS AND PRICE PERCEPTIONS IN THE CHANGEOVER PERIOD 

4.1. 

Price trends 

In 2008, price developments in Slovakia were strongly affected by both internal and external 
factors. Annual HICP inflation averaged 3.9% in 2008 compared to 1.9% in 2007. Continuing 
an  upward  trend  that  started  in  mid-2007,  annual  HICP  inflation  increased  gradually  in  the 
first  half  of  2008  against  the background  of  rising  food  and  energy  prices.  After reaching a 
peak of 4.5% year-on-year in September 2008, annual HICP inflation eased in the last months 
of 2008.  

The disinflationary process since September 2008 was largely driven by decreasing food and 
fuels prices due to favourable base effects combined with falling energy and food prices on 
international  markets.  However,  these  disinflationary  trends  were  partially  offset  by  the 
increasing inflation contribution of tobacco and heating prices. Tobacco prices started to rise 
in  October,  reflecting  the  delayed  impact  of  higher  excise  taxes  on  cigarettes  as  of  the 
beginning of 2008. Increases in heating prices were induced by administrative price hikes in 
the third quarter of 2008 necessitated by elevated gas prices in the first half of 2008. Despite 
strong exchange rate appreciation in the first half of 2008, the inflation contribution of non-
energy industrial goods prices increased somewhat in the second half of 2008.  

Annual HICP inflation eased to 2.7% year-on-year in January 2009 and further slowed down 
to  2.4%  year-on-year  in  February  2009,  reflecting  the  expected  deceleration  in  food  and 
energy  prices.  According  to  the  Commission  January  2009  forecast  declining  food  and  fuel 
prices  are  likely  to  bring  average  inflation  down  to  just  below  3%  in  2009,  while  in  2010, 
rising energy and services prices may induce a rebound in HICP inflation to 3.5%.  

Provisional  calculations  estimate  the  total  (one-off)  impact  of  the  changeover  on  headline 
inflation  during  and  immediately  after  the  changeover  to  be  within  the  range  of  up  to  0.3 
percentage points10. 

4.2. 

Price perceptions 

According to the Commission survey, a relative majority of Slovaks were positive about the 
impact  of  the  euro's  introduction  on  prices:  42%  thought  it  would  help  maintaining  price 
stability  while  only  19%  (compared  to  66%  of  Cypriots,  52%  of  Slovenes  and  37%  of 
Maltese)was concerned that the euro would increase inflation11. Positive feelings of Slovaks 
about  the  impact  of  the  changeover  on  prices  were  also  reflected  in  the  results  of  the 
measurements of perceived inflation.  

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Commission Recommendation on measures to facilitate the future changeover to the euro, OJ L 23/30 
of 26 January 2008 
Eurostat : Euro changeover and inflation in Slovakia, 23 March 2009 
Flash Eurobarometer 259, January 2009. 

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Inflation perceptions have generally followed the same trend as HICP inflation in Slovakia in 
the last couple of years. But the previously strong correlation between the two series (0.9 in 
the period 2004-2007) weakened somewhat in 2008 (to 0.67), when the acceleration of actual 
inflation in 2008 was accompanied by a stronger jump in inflation perceptions. Subsequently, 
inflation perceptions dropped sharply while actual inflation moderated. The more pronounced 
reaction of perceived inflation than of the actual inflation is however observed for most of the 
EU Member States, and it might be at least partially linked to the fact that the pervious period 
of high global commodity prices had a considerable impact on perceptions. 

January data from the Commission's Consumer Survey show that inflation perceptions have 
not been affected by the changeover. Perceived inflation remained on its downward trend and 
reached 21.7 pp in January, down from 25.6 pp in December. In February, perceived inflation 
went down further, to 18.7 pp. In the context of declining HICP inflation, it is indeed more 
difficult to disentangle the impact of the euro changeover on inflation perceptions. 

Graph 3 

Perceived and actual inflation 
(In %) 

Perceived inflation Slovakia (lhs)

Hicp inflation Slovakia (rhs)

9

8

7

6

5

4

3

2

1

e
g
n
a
h
c
y
-
o
-
y

50

45

40

35

30

25

20

15

10

5

e
c
n
a
l
a
b
e
g
a
t
n
e
c
r
e
p

0
févr-04

févr-05

févr-06

févr-07

févr-08

0
févr-09

5. 

COMMUNICATION CAMPAIGN ON THE CHANGEOVER AND PUBLIC PERCEPTION 

The communication campaign on the introduction of the euro started in 2007 with the launch 
of a national euro website and free telephone help line and the organisation of seminars and 
conferences. A fully fletched communication campaign started in spring 2008.  

The  goals  of  the  campaign  were  to  inform  all  Slovak  citizens  about  the  key  aspects  of  the 
changeover in a timely and exhaustive manner. The centrally organised mass media campaign 
in TV, radio and in print media ran from March 2008 until February 2009. It was supported 
by a massive distribution of publications and euro calculators to all households, a constantly 

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updated  (and  massively  visited)  website,  specialised  projects  for  schools  and  journalists,  a 
train-the-trainers  programme  and  a  'Euromobile'  bringing  up  to  date  information  to  remote 
areas.  A  well  covered  euro  conference,  in  September  2008,  co-organised  by  the  national 
authorities, the ECB and the Commission, marked the start of the last, most intensive phase of 
the euro campaign. The campaign peaked with the festivities on 1 January 2009. Throughout 
the campaign, the Slovak authorities paid special attention to specific target groups (children 
and youth, elderly, people with disabilities, ethnic minorities and others) and provided them 
with tailor made tools explaining the key steps and elements of the changeover.  

The Commission supported the campaign in technical and financial terms. This included the 
provision of publications and promotional material, the organisation of exhibitions, seminars 
for  journalists  and  opinion  polls.  Via  several  grants,  the  Commission  financed  a  part  of  the 
salaries of communication staff, the media campaign, the national help line and website, the 
project for schools, the programs for multipliers, the euro calculators and the 'Euromobile'.  

The experts  from Slovakia participated in information and training actions organised by the 
Commission/OLAF,  ECB  and  Europol  with  a  view  to  making  them  familiar  with  the 
procedures and methods designed to protect euro against counterfeiting. 

The  European  Central  Bank  also  implemented  in  cooperation  with  the  NBS  joint  activities 
aimed at familiarising the general public and the professional cash handlers with the euro cash 
changeover modalities and the security features of euro banknotes and coins. 

The national campaign on the euro can be perceived as successful: according to the January 
2009 Eurobarometer, 90 % of Slovaks felt very well to rather well informed and almost 84% 
were  rather  or  very  satisfied  with  the  information  provided  by  the  national  authorities.  This 
certainly  contributed  to  the  overall  perception  of  the  changeover:  nine  out  of  ten  Slovaks 
perceived  the  changeover  as  smooth  and  efficient.  The  media  were  by  far  the  principal 
information source for most citizens (93 %), followed by the National Central Bank (20 %). 
Some 90% of respondents stated to have seen the euro TV spots: most of them found the spots 
very or rather useful. Nearly all Slovaks said to have received the euro calculator (95 %) and 
some  two-thirds  found  them  to  be  useful.  When  asked  about  persisting  information  needs, 
some 31 % of Slovaks wished to learn more about the security features of euro banknotes and 
coins (4 in 10 respondents could not name any security feature at the time of the survey), 22% 
wanted  to  know  more  about  fair  rounding  of  prices  while  19%  wished  to  have  more 
information on how to avoid being cheated in the currency conversions.  

The well managed information campaign in Slovakia contributed to ensuring a smooth 
changeover to the euro. The campaign was comprehensive: it paid attention to all target 
groups,  including  the  minorities  and  people  with  special  information  needs.  The 
authorities  should  address  the  population's  persisting  information  needs:  to  provide 
additional information on the security features of euro cash and to keep addressing the 
fair pricing issues and fears related to it.  

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