Central Banking

Slovakia to join eurozone in 2009

Slovakia is set to become the 16th member of the eurozone despite concerns at the European Central Bank that inflation in the country could rise steeply.

The European Commission said on Wednesday that Slovakia had met the criteria for adopting the common currency and recommended that the European Council, which will have the final say on whether the country adopts the euro in July, approve its application.

"Slovakia has achieved a high degree of sustainable economic convergence and is ready t