100 Euro – Slovakia

In 2019, Slovakia was a stable member of the Eurozone, having adopted the euro as its official currency a decade earlier in 2009. The country's monetary policy was therefore set by the European Central Bank (ECB), with the primary goals of maintaining price stability and controlling inflation within the broader Euro area. This framework provided Slovakia with significant benefits, including eliminated exchange rate risk with its key European trading partners, lower transaction costs, and enhanced economic integration. The Slovak economy was performing robustly in 2019, with strong GDP growth, low unemployment, and rising wages, all underpinned by its role as a major automotive manufacturing hub.

Despite the overall stability, the euro's monetary policy was not tailored to Slovakia's specific cyclical position. In 2019, the ECB maintained an accommodative stance with historically low interest rates and continued asset purchase programs to stimulate the sluggish economies of core Eurozone nations. For a fast-growing economy like Slovakia's, this contributed to rising inflationary pressures, particularly in the housing market and services sector. Slovak inflation consistently exceeded the Eurozone average, prompting domestic discussions about the appropriateness of a "one-size-fits-all" monetary policy for economies at different stages of the business cycle.

Furthermore, 2019 saw the Slovak koruna cease to be legal tender in January, marking the final end of the dual-circulation period. Politically, the euro enjoyed broad public support as a symbol of Slovakia's European identity and economic maturity. There were no serious political movements advocating for a return to a national currency, as the perceived advantages of Eurozone membership—especially for a small, open, export-oriented economy—were widely acknowledged. Thus, the currency situation was characterized by successful integration, albeit with ongoing macroeconomic debates about the trade-offs inherent in a shared currency.