Slovakia's ERM-2 entry surprising, expected by analysts later

Slovakia's entry of the Exchange Rate Mechanism 2 (ERM-2) on Friday, where countries must keep their currencies for at least two years before adopting the euro, came as a surprise for analysts who expected the country to join the system as late as the first half of next year. Thanks to an earlier-than-planned entry into the ERM-2, Slovakia will have more time to prepare for the introduction of the single European currency – the euro. Although the move had been scheduled for 2006, introduction of reforms and favourable economic development allowed the country to join the ERM-2 already this month, Slovak Finance Minister Ivan Miklos told a press conference on Saturday.