Slovakia's contribution to EU crisis fund lowered by 17% to EUR 5.8bn.

By bne IntelliNews March 23, 2011
Slovakia's contribution to the European Stability Mechanism (ESM) will be EUR 5.77bn or 17% lower than initially designed, webnoviny.sk website informed citing finance minister Ivan Miklos. The country should contribute to the EU's crisis fund with 0.824% out of the total share, down from previous 0.991%. At the last meeting of EU finance ministers the algorithm for calculation the contributions of individual countries was changed. Originally, the quota of a country depended on its reserves in the European Central Bank (ECB) which on their turn depend equally on the GDP level and the population. The smaller countries objected and the new algorithm calculates the contribution with the share of the GDP level at 75% and the share in ECB reserves standing at 25%. The changes in the algorithm should be approved by the heads of the EU countries. The ESM is to replace the temporary European Financial Stability Facility Fund in 2013. The participation of Slovakia has to be approved by the parliament.
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