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.
European Exchange Rate Mechanism
As of 2016, only the Danish krone participates in ERM II. The currencies of Sweden (the Swedish krona), the three largest countries which joined the European Union on 1 May 2004 (the Polish złoty, the Czech koruna, and the Hungarian forint), the two countries which joined on 1 January 2007 (the Bulgarian lev, and the Romanian leu) as well Croatia, which joined the EU on 1 July 2013 (the Croatian kuna), are required to join in accordance with the terms of the applicable treaties of accession.