In a year of inflation overshoots in eastern Europe and financial market turmoil worldwide, Slovakia’s success in meeting the Maastricht criteria to join European Economic and Monetary Union (EMU) on January 1, 2009, is a beacon of hope for the region. “As a bank, and as a group, we are very happy that Slovakia is going to enter euroland. It makes our life much easier within the group,” says György Surányi, chairman of VUB Bank in Slovakia, and head of central and eastern Europe for VUB’s owner, Banca Intesa Sanpaolo.
While nearby Slovenia had already joined EMU on January 1 , 2007, its population of two million is smaller than Slovakia’s 5.5 million, and it was far wealthier at the time of entry, making the fundamental challenges of convergence less marked.
