European Union (EU) leaders endorsed a plan on Thursday to allow Slovakia to adopt the euro next year.
The decision, largely in formal sense, was taken at a two-day EU summit, which kicked off late Thursday and was dominated by the political impasse resulting from the rejection of the Lisbon Treaty by Irish voters last week.
"I congratulate Slovakia for meeting all the relevant criteria," said Slovenian Prime Minister Janez Jansa, whose country holds the EU six-month rotating presidency.
A brief ceremony was held at the start of the summit, also attended by European Central Bank President Jean-Claude Trichet, the chief person in charge of the monetary policy of the euro zone.
The European Commission proposed in May to accept Slovakia into the single currency club from the beginning of 2009, saying the country had been prepared for the adoption of the euro.
In order to win the euro zone membership, a candidate country must fulfill certain criteria in terms of inflation, public finances, interest rates, exchange rate and legislation.
EU finance ministers gave green light on June 3 to Slovakia's entry into the euro zone and so the European Parliament two days ago.
Following the EU leaders' formal endorsement, EU finance ministers were scheduled to finalize their approval in July, setting the conversion rate between the euro and Slovakia's currency koruna.
Slovakia will be the 16th member of the euro zone following Malta and Cyprus, which adopted the euro this year.
It could be the last of the EU newcomers to join the euro zone by this decade since other eastern European countries remain short of meeting all the convergence criteria for adopting the euro.
Source:Xinhua
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