Slovakia
Slovakia adopted the Euro currency on 1 January 2009 as the 16th member of the Eurozone. The euro in Slovakia was approved by the European commission on 7 May 2008. The Slovak koruna was revalued on 28 May 2008 to 30.126 for 1 euro, which was also the exchange rate for the euro.
Slovakia is an attractive country for foreign investors mainly because of its low wages, low tax rates and well educated labour force. In recent years, Slovakia has been pursuing a policy of encouraging foreign investment. FDI inflow grew more than 600% from 2000 and cumulatively reached an all-time high of $17.3 billion in 2006, or around $22,000 per capita by the end of 2008.
Karel Kramář
In first months of Czechoslovakia, wages in the cites fell by 60% in real terms owning to inflation and 350, 000 workers, making up 8% of the population were unemployed. Inflation was a major problem in the first months of the new republic, all the more so as Czechoslovakia continued to use the old Habsburg notes in common with other former nations of the Habsburg empire, who printed their notes in abandon, in a sense "exporting" their inflation. In February 1919, a degree ordered that only Habsburg notes stamped with the Czechoslovak lion were legal tender, and in April 1919 the Czechoslovak crown was introduced as the new currency. The February degree largely ended the inflation which was threatening to economically destabilise Czechoslovakia.