Dissolution of Czechoslovakia
On 1 January 2009 Slovakia adopted the Euro as its currency with the exchange rate of 30.126 SK/€, and the €2 commemorative coin for 2009, Slovakia's first, featured the 20th anniversary of the Velvet Revolution in remembrance of the common struggle of the Czechoslovak people for democracy. By a quirk of fate, the welcoming speech on the behalf of the European Union on the occasion of Slovakia's entry to the Eurozone was delivered by Mirek Topolánek, the prime minister of the then-EU presiding country, the Czech Republic, naturally in his native language while other guest speakers used English. The Czech Republic continues to use the Czech koruna, or crown.
Economy of Slovakia
Foreign direct investment (FDI) in Slovakia has increased dramatically. Cheap and skilled labor, a 19% flat tax rate for both businesses and individuals, no dividend taxes, a weak labor code, and a favorable geographical location are Slovakia's main advantages for foreign investors. FDI inflow grew more than 600% from 2000 and cumulatively reached an all-time high of, $17.3 billion USD in 2006, or around $18,000 per capita by the end of 2006. The total inflow of FDI in 2006 was $2.54 billion. In October 2005 new investment stimuli introduced – more favorable conditions to IT and research centers, especially to be located in the east part of the country (where there is more unemployment), to bring more added value and not to be logistically demanding.
Origin of foreign investment 1996–2005 – the Netherlands 24.3%; Germany 19.4%, Austria 14.1%; Italy 7.5%, United States (8th largest investor) 4.0%. Top investors by companies: Deutsche Telekom (Germany), Neusiedler (Austria), Gaz de France (France), Gazprom (Russia), U.S.Steel (U.S.), MOL (Hungary), ENEL (Italy), E.ON (Germany)...