Slovakia has been commended for adopting the single European currency by another member of the eurozone.

The eastern European country switched from the koruna at the beginning of the year, taking the overall number of eurozone members up to 16.

Austrian chancellor Werner Faymann has congratulated the nation on its decision, as he believes it could help it withstand the current financial turmoil, reports the Austrian Times.

"The euro has demonstrated it is a stable currency in a time of crisis," he commented.

"And it is obviously advantageous to have a strong common currency."

Mr Faymann added that the adoption of the single currency is also another important to step towards Slovakia adhering to the terms of the Schengen Agreement.

The Slovak Central Bank recently confirmed that the changeover to the new currency went smoothly, although the koruna has been gradually phased out following the transition.