Euro in Slovakia

The euro was introduced on 1 January 1999. It became the currency of more than 300 million people across Europe. For the first three years the euro was an “invisible” currency, used only for accounting purposes, e.g. in electronic payments. Euro cash was introduced only on 1 January 2002, when it replaced banknotes and coins of individual national currencies – e.g. the Belgian franc or Deutschmark. The name “euro” was chosen by the heads of Member States of the European Union (or their heads of government) at the Summit of the European Council held in Madrid in December 1995. The depiction of the euro sign was inspired by the Greek letter epsilon as a reference to the cradle of European civilisation and also the first letter of the word “Europe”.

The euro as legal tender was approved by the European Union also in countries which were in monetary union with members of the euro area. This includes San Marino, Monaco and Vatican City. On the basis of agreement with the European Community, these three countries mint their coins with their own national sides. The euro is also used, however, by other European countries without formal agreement: Kosovo, Montenegro and Andorra.