Slovenia's accession to the Euro area

As from 1 January 2007 Slovenia joined the euro area, making it the first to adopt the euro out of the ten member states that joined the EU on 1 May 2004. Adoption of the euro as Slovenia's currency occured at the same time as the issuing of euro notes and coins. The conversion rate is set at 239.64 Slovenian tolars to the euro, which corresponds to the central rate of the tolar within the EU's ERM II exchange rate mechanism.

The Council encouraged Slovenia to continue with appropriate policies to ensure that it can make the most of the benefits of joining the euro, in particular as regards budgetary rigour, structural reform and maintaining the competitiveness of its economy. Since the Commission’s last report on the practical preparations for the euro, Slovenia has made further progress, notably on the cash changeover: further details on the supply of euros to banks and retailers before €day (so-called frontloading and sub-frontloading) have been satisfactorily provided, while the conversion of cash dispensers has now been planned in detail. Credit institutions have also agreed to open 42 branches throughout the country on 1 and 2 January to facilitate the exchange of tolars into euros.

Twelve other of the EU’s 25 member states currently use the euro as their currency: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Austria and Finland. Euro notes and coins were introduced in all twelve countries on 1 January 2002.