Twelve months after the demise of the Maltese lira, Slovakia on midnight joined the euro area, becoming the 16th EU member state to adopt the young currency which turns 10 this year.

All-night celebrations were held in Bratislava to mark the event, less than five years since the former communist country joined the EU.

Preparations for the euro in Slovakia were intensified over the past months after EU Finance Ministers gave the green light last July.

Drawing on its own experience, Malta gave a helping hand to the Slovak authorities to ensure a smooth euro transition through visits by former officials of the National Euro Changeover Committee to Bratislava.

Commercial banks received the banknotes and coins from September and have supplied them to shops and other businesses to be able to give out change in euro as from today. Just as was done here a year ago, the people were able to buy mini euro coins kits in order to acquaint themselves with the new currency.

The display of prices in both euro and Slovak koruna is compulsory until January 1, 2010 while changeover rules are carefully monitored by the Slovak Trade Inspection, which has visited over 15,000 shops and service providers since August.

Welcoming Slovakia into the eurozone, European Commission President Josè Manuel Barroso said the historic event will place Slovakia at the economic and political heart of Europe.

"The euro has become the symbol of EU identity and is protecting us against the tremendous external shocks we have had to cope with since the summer of 2007. We should be proud of that record and we safeguard the sound budgetary and macro-economic framework that has made the euro such a success."

The EU will this year also be celebrating the 10th anniversary of the euro, launched officially in 1999 when 11 countries locked the bilateral exchange rates of their currencies and equipped themselves with a single monetary and exchange rate policy. The European Central Bank was set up six months earlier.

Since then, Slovenia, Cyprus and Malta also made the euro their money.

To celebrate the euro anniversary, euro area countries will this month issue a €2 commemorative coin chosen through a popular web vote organised by the Commission.