( CNN ) -- Slovakia became the first of the larger ex-communist EU members to join the European single currency on Thursday amid hope the move will provide stability in the global economic storm . The country is the 16th country to use the euro after 11 EU members launched it 10 years ago , meaning that from New Year 's Day 2009 , 328 million of the 500 million people in the European Union will share the single currency . After Sony postponed a planned investment in a TV production plant in Slovakia earlier this month , other firms in the country welcomed entry into the eurozone as a move that will end uncertainty after years of coping with a volatile currency . `` First of all , the euro means price stability , both in relations with our clients in the euro zone and our business relations with suppliers localized in the euro zone countries , '' Jean Mouro , CEO of PSA Peugeot Citroen in Slovakia told Reuters.com . `` In general , it will reduce costs related to swift changes of the euro-crown exchange rate , especially in the last few years when the crown had been appreciating rapidly , '' said Mouro . Businesses also said that amid global economic uncertainty the euro will also result in lower production costs , as weakening economic activity limits inflation . `` We evaluate Slovakia 's transition to the common European currency solely as a positive factor , '' said Katarina Holecova , a spokeswoman for a Samsung factory in Slovakia . `` In relation to the financial crisis , euro adoption may bring a positive impact in terms of softer inflation pressures , and thus , indirectly , savings in material or wage costs . '' In the past two months , the euro has soared in value against the dollar by 9 percent and against the British pound by more than 20 percent . Joaquin Almunia , European Commissioner for Economic and Monetary Affairs on Wednesday hailed the currency 's strength . `` The euro has become the symbol of EU identity and is protecting us against the tremendous external shocks that we have had to cope with since the summer of 2007 , '' he said in a statement . `` We should be proud of that record and we safeguard the sound budgetary and macroeconomic framework that has made the euro such a success . ''
Slovakia is first large ex-communist nation to join European single currency . Country is 16th country to use euro after 11 EU members launched it in 1999 . Score: 6