Slovakia can join Euro zone in 2009

BRATISLAVA, Slovakia, May 7 (UPI) -- The European Commission Wednesday declared Slovakia's economy is stable enough to adopt the euro as its currency, a commission report said.

Despite concerns that inflation in Slovakia is too high, the country has achieved, "a high degree of sustainable convergence," and can join with other euro currency nations in 2009, the report said.

The report said, "the budget deficit in Slovakia has seen a credible and sustainable reduction to below 3 percent of GDP," EU Observer reported.

A separate report issued by the European Central Bank reported "considerable concerns regarding the sustainability of inflation."

Inflation in Slovakia has been calculated by international organizations as ranging between 3.2 percent and 3.8 percent in 2008.