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M. Gurría stated that the main policy challenge for the Slovak Republic is to sustain high trend growth while adjusting to life in the euro area. This requires structural reforms in the areas of labour and product markets, fiscal policy and in the housing sector.
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Adoption of the euro on 1 January 2009 marks a significant achievement for the Slovak Republic. This hard won result will bring many benefits but will also pose challenges. Decisive policy action will be needed in a number of areas to maintain high growth in the coming years.
As in other catch-up countries inflation is likely to stay high going forward due to nominal convergence. To better cope with the risk of a too rapid pick up of wages, three main areas for improvement are discussed in this chapter.
At a meeting with Slovak Economists, Mr. Gurría underlined that the OECD has developed a strategic response to deal with the current situation, while at the same time addressing the interaction between different policy actions in our economies.
The Slovak economy has enjoyed a stellar performance in recent years, growing significantly faster than other OECD economies. However, the economy is now facing a major slowdown reflecting the headwinds from the global economy.
Euro area entry calls for more fiscal flexibility to absorb cyclical shocks that cannot be dealt with by the common monetary policy. At the same time fiscal consolidation must not be put at risk, especially given rising ageing related costs.
On the occasion of his official visit, Angel Gurría launched the Economic survey of Slovakia and met the President of the Slovak Republic, Mr. Ivan Gašparovič, and several government officials.
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Downloadable case study by Slovak Republic for the OECD publication "The Impact of Culture on Tourism".
This report documents the main features of the Public Employment Service (PES) in Slovak Republic, with attention to unemployment benefit administration as well as employment services.
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An EDRC seminar took place on 9 July 2008, focussing on the implications of euro adoption for inflation and interest rates in the Slovak Republic, based on the experience of existing euro area countries.