2 Euro (Adam Bohorič) – Slovenia

In 2020, Slovenia, as a member of the Eurozone since 2007, used the euro (€) as its sole legal tender. This meant the country's monetary policy was set by the European Central Bank (ECB), not by a national institution. The primary focus for Slovenia, therefore, was not on an independent currency but on navigating the broader economic and financial impacts of the COVID-19 pandemic within the common European framework. The stability of the euro provided a crucial shield against potential currency volatility and speculative attacks that a smaller, independent currency might have faced during the global crisis.

The year was dominated by the economic shock of the pandemic, which led to a severe but short-lived recession. In response, the Slovenian government implemented significant fiscal support measures, while the ECB enacted expansive monetary policies, including massive bond-buying programs (PEPP), to ensure liquidity and stabilize the Eurozone economy. For Slovenia, this ECB support was vital, helping to keep borrowing costs low for both the state and businesses, which was essential for financing crisis-response packages without putting excessive strain on public finances.

Consequently, the domestic "currency situation" was largely defined by Slovenia's participation in these European mechanisms and the management of its national debt within the euro system. There was no debate about leaving the euro, which enjoyed strong public support. Instead, discussions centered on accessing EU recovery funds and maintaining fiscal discipline to ensure the country's economic resilience. The euro's stability throughout 2020 underscored its role as a key asset, allowing Slovenia to focus its policy efforts on direct economic support rather than currency defense.