EU leaders to welcome Slovakia into the euro club

Euro US Dollar Forex Analysis News Technical ForexBrussels - European Union leaders were due to welcome Slovakia into the bloc's single currency zone at the start of an EU summit in Brussels on Thursday.

Their endorsement of the country's euro membership was due to take place at a ceremony that was also being attended by European Central Bank President Jean-Claude Trichet.

EU finance ministers agreed to accept Slovakia at their June 3 meeting after acknowledging that the country had fulfilled the necessary economic criteria. These include keeping its budget deficit and inflation rate within acceptable limits.

Finance ministers were expected to formalize their previous decision in July, thus allowing Slovakia to become the 16th EU country, and the first former Soviet-bloc nation, to adopt the euro as from January 1. (dpa)