2. As <strong>of</strong> 13 September <strong>2008</strong>, <strong>the</strong> fountain in front <strong>of</strong> <strong>the</strong> Irma Health Spa in Piešťany will be known as <strong>the</strong> Fountain <strong>of</strong> Presidents. This name will remind residents and visitors <strong>of</strong> <strong>the</strong> two-day Summit <strong>of</strong> <strong>the</strong> V4 Presidents
A Successful and Prosperous <strong>Slovak</strong>ia 2. The effort to mitigate <strong>the</strong> impact <strong>of</strong> <strong>the</strong> world economic and financial crisis, which is widely considered to be <strong>the</strong> most severe since <strong>the</strong> 1930s, demands an appropriate reaction from all <strong>the</strong> entities involved, i.e. <strong>the</strong> realization <strong>of</strong> fundamental and, in many regards, extraordinary measures in <strong>the</strong> management <strong>of</strong> <strong>the</strong> financial market, international trade rules, and adjustments to <strong>the</strong> ways in which enterprises operate. The <strong>Slovak</strong> economy is very open and exportoriented, with limited raw materials and a small internal market, which means that it is greatly affected by global economic development, economic movements and change, and indeed, crises. <strong>Slovak</strong>ia’s situation, when compared to <strong>the</strong> EU average, is also complicated by <strong>the</strong> higher energy consumption per unit <strong>of</strong> GDP and lower levels <strong>of</strong> productivity. The fact that so far <strong>the</strong> financial crisis has not had a dramatic effect on <strong>the</strong> <strong>Slovak</strong> banking system is a comparative advantage. However, <strong>the</strong> <strong>Slovak</strong> economy has not been able to avoid certain aspects <strong>of</strong> <strong>the</strong> global recession. Two years ago, <strong>the</strong> MFA started a process <strong>of</strong> fundamental organizational and conceptual change, including an internal audit (TREFA project) which resulted, amongst o<strong>the</strong>r things, in <strong>the</strong> more effective setting <strong>of</strong> strategic priorities with an emphasis on substantially streng<strong>the</strong>ning <strong>the</strong> economic dimension <strong>of</strong> diplomacy. The establishment <strong>of</strong> <strong>the</strong> Directorate General for Economic Cooperation and Official Development Assistance (DG) in autumn <strong>2008</strong> was an anticipated and logical progression. Many <strong>of</strong> <strong>the</strong> DG’s activities are already familiar to <strong>the</strong> foreign affairs department. However, <strong>the</strong>ir institutionalization gives <strong>the</strong>m greater significance and quality. Besides <strong>the</strong> standard activities undertaken by <strong>the</strong> DG, such as: supporting <strong>Slovak</strong> exports; attracting investment in areas with a higher return; supporting current investors; utilizing its membership in international organizations to more effectively represent its economic interests, for instance in making maximum use <strong>of</strong> <strong>the</strong> development funds available in order to ensure long-term economic growth, <strong>the</strong> DG is now looking to concentrate on its activities within <strong>the</strong> domestic sphere. Intensive and regular dialogue with <strong>the</strong> business sector, its interest groups and <strong>the</strong> foreign investors already established in <strong>Slovak</strong>ia is an important instrument. The goal is to primarily focus on activities aimed at fulfilling <strong>the</strong> specific requirements <strong>of</strong> <strong>the</strong> business community. During <strong>the</strong> period under consideration, tangible progress has been achieved in <strong>the</strong> quality <strong>of</strong> cooperation between <strong>the</strong> MFA and <strong>the</strong> <strong>Ministry</strong> <strong>of</strong> Economy. This change is most visible in relation to <strong>the</strong> constructive coordination <strong>of</strong> <strong>the</strong> activities <strong>of</strong> both ministries in fulfilling joint objectives. Recent examples that could be highlighted are <strong>the</strong> forwarding <strong>of</strong> a joint instruction letter to <strong>the</strong> heads <strong>of</strong> <strong>the</strong> <strong>Slovak</strong> Embassies and <strong>the</strong> employees <strong>of</strong> trade and economic sections and <strong>the</strong> cooperation <strong>of</strong> both departments during <strong>the</strong> recent gas crisis, when supplies were disrupted. The DG is also engaged in issues <strong>of</strong> external energy security. It participates in <strong>the</strong> promotion <strong>of</strong> publicprivate partnership programmes. At a time <strong>of</strong> deepening uncertainty, <strong>the</strong> decision not to delay <strong>the</strong> adoption <strong>of</strong> <strong>the</strong> common European currency proved to be correct. The MFA played a crucial role in this regard as well. It can be stated that, in its own field, <strong>the</strong> MFA significantly contributed to <strong>the</strong> economic successes and <strong>the</strong> prosperity <strong>of</strong> <strong>the</strong> country in <strong>2008</strong>.
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