Daniel Futej

The introduction of the common European currency Euro involves several important aspects from the point of view of the Slovak legal system. They vary from Community law relations to monetary aspects as well as the civil law aspect. As a new payment instrument, Euro must respect the continuity of contractual commitments. Although the instant membership of the Slovak Republic in the monetary union is not anticipated by the date of the accession into the European Union, common currency Euro has a significant impact on Slovakia’s economy and the entire banking sector. The National Bank of Slovakia will become a member of the European System of Central Banks (ESCB) by the accession into the EU and will be considered a national central bank with the derogation to keep powers within the area of the monetary politics according to the national law. Sooner or later the National Bank of Slovakia will become a member of the European System of Central Banks and this paper provides information on the ESCB structure, character and relations as well as the common currency Euro and its transposition into the Slovak legal system.