Figure 1 shows the daily evolution of the foreign exchange rate of the Slovak koruna vis-a-vis the euro and interventions by the NBS during January 1999 to April 2007.
During the rest of the reference period, the Slovak koruna exhibited an appreciating trend.
The study utilizes two datasets: one for the NBS intervention transactions and another for the spot price of the Slovak koruna vis-a-vis the euro in the foreign exchange market.
The Council also adopted a regulation definitively fixing the conversion rate of the Slovak koruna
: one euro will be worth 30.1260 koruna.
But the two MEPs have clearly toughened their stance in reaction to the recent 'surprise' revaluation of the Slovak koruna (+17.6%), decided on 28 May (see Europolitics 3540).
The two MEPs consider that "Slovakia had violated in a striking way the Maastricht Treaties' accession criteria to the eurozone," all the more so as the revaluation of the Slovak koruna took place one year after the initial reappreciation.
At the request of the Slovak authorities and with the approval of the European Central Bank (ECB), eurozone countries and members of the European Exchange Rate Mechanism (ERM II)(3), the Slovak koruna
has been trading, since 29 May, at 30.1260 koruna for one euro.
That country is also considering a big bang' switchover, with circulation of the two currencies (euro and Slovak koruna
) for 16 days.
At the request of the Slovak authorities, the exchange rate of the Slovak koruna
(crown) has been revalued by 8.5%.
The Commission notes that the Slovaks were quick to buy up the 1.2 million coin mini-kits placed on sale in early December for a unit price of 500 Slovak korunas (16.60 at the official exchange rate of 30.126 Slovak korunas for one euro).
Mandatory display of prices in both Slovak korunas and euro began on 24 August 2008 and will last until 1 January 2010.