The European Commission (EC) has reported that Slovakia's preparations to adopt the euro are now at an advanced stage.

On January 1st 2009, the eastern European country will become the 16th nation to become part of the eurozone, alongside nations such as Spain, Italy and Portugal.

The EC has been monitoring its progress as it gets ready to adopt the new currency and has published a report showing that everything is so far going to plan.

Joaquin Almunia, commissioner for economic and monetary affairs, commented: "I am confident everything will go well.

"I call on Slovakia to pursue the stable and sound budgetary and macro-economic policies that will enable it to take full advantage of the euro."

He added that the country has made significant efforts in the last few months to make sure the transition goes smoothly.

For example, he stated that the public has been educated about the upcoming changeover and assured that any concerns are being listened to and taken seriously.