Press Release: Slovenia’s changeover to the euro – a clear success

The changeover to the euro in Slovenia was a swift and smooth affair and although the price of some goods and services increased, overall inflation has remained broadly stable, shows a Communication adopted by the Commission four months after Slovenia became the 13th member of the euro area. For the other countries waiting to adopt the euro, the experience shows that the 'Big Bang' approach - i.e. irrevocable locking of the exchange rate and simultaneous introduction of the euro banknotes and coins – works and that a two-week dual circulation period is sufficient provided that the changeover is well and timely prepared. In some aspects, e.g. return of legacy cash, Slovenia even performed better than when the euro cash was introduced in 2002, thereby minimising costs and burdens on businesses.