Slovakia abandoned its currency of 15 years, the Slovak koruna, and adopted the euro on Thursday, in a move that sealed the ex-Soviet satellite's economic success, DPA reported. The central European country of 5.4 million is the second formerly communist country, after Slovenia, to qualify for the switch to Europe's common currency. Slovakia is the 16th member of the eurozone, which faces a sharp economic downturn following the turmoil on global financial markets. Slovak leaders believe that the euro will protect the country's export-driven economy from currency volatility during the economic downturn, which is expected to fully hit eastern Europe in 2009. Slovak citizens however first gave a solid backing to the euro only weeks before the changeover. A survey released in mid-December by Hospodarske Noviny daily sad that 58 per cent favoured the new currency, compared to less than a half previously. Consumers can pay with koruny until January 16 but will already receive change in euros.
