摘要：With its entry into the euro area Slovakia experienced
a significant change in the macroeconomic framework
for a small, catching up economy. In the run-up to
Slovakia’s entry, borrowing costs fell, the exchange
rate risk disappeared and the growth outlook for the
economy improved (Huefner and Koske 2008).
Together with earlier financial sector privatisation
and liberalisation, the introduction of the euro
reduced barriers for borrowers (Huefner and Koske
2008). However, in the Slovak case, the international
financial crisis aborted the expected boom before it
could take hold
