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Slovenia Successfully Switches to the Euro

Slovenia ushered in 2007 with a switch in currency from the Tolar to the Euro. Slovenia was one of nine countries to join the European Union in 2004 and is the first country out of these to adopt the Euro. Its economy is considered to be one of the strongest out of all the post-communist nations who have joined the EU thus far. Slovenia declared independence from Yugoslavia in 1991, a move that led to a 10-day war.

While economists welcomed the currency switch, many of Slovenia?s population are afraid that the move will bring price hikes to the country. In fact, over 40% of the people who were asked in a recent interview said that they feared that prices would soar. However, Slovenia?s Finance Minister, Andrej Bajuk, who withdrew 100 Euro from a cash machine as a symbolic act for the media, said: ?this is a great opportunity for our country and we can be proud that we belong to this exclusive club."

Slovenians can pay in Tolars until January 14th and local banks will exchange tolars for Euros until March 1st. Although fifty banks remained open on January 1st and 2nd to enable people to make the transition without any pressure, most establishments reported that there were no exceptionally long queues and, in fact, Slovenians seemed to be taking the entire process in their stride.