Slovenia joins the euro area

Yesterday, on 1 January 2007, the euro was introduced in Slovenia. Slovenia has thus become the 13th EU Member State to adopt the single currency and is the first of the new Member States to join Economic and Monetary Union in Europe. The European Central Bank (ECB) welcomes this further enlargement of the euro area.

As a result of the adoption of the euro by Slovenia, Banka Slovenije is now a full member of the Eurosystem, with the same rights and obligations as the 12 national central banks of the other EU Member States that have adopted the euro. In accordance with Article 49 of the Statute of the European System of Central Banks and of the European Central Bank, Banka Slovenije has paid up the remainder of its contribution to the capital of the ECB. Banka Slovenije has also transferred to the ECB its contribution to the foreign reserve assets of the ECB.

The integration of the Slovenian monetary financial institutions into the euro area banking system on 1 January 2007 was already taken into account in the publication of the euro area liquidity needs and in the benchmark allotment on 27 and 28 December 2006. The Slovenian counterparties of the Eurosystem will be able to participate in the Eurosystem’s main refinancing operations for the first time on 3 January 2007.

The list of monetary financial institutions located in Slovenia and subject to reserve requirements is published on the ECB’s website, as are the lists of the other EU Member States that have adopted the euro. The list of assets located in Slovenia and eligible as collateral for the credit operations of the Eurosystem is also available on the ECB’s website.