12th December 2014

Czech National Bank and Ministry of Finance advise not to accept Euro at this time

Czech National Bank and Ministry of Finance of the Czech Republic recommended to the Government in their joint report that the Government should not yet specify the precise date of the accession to common European currency Euro. This means that the Czech Republic should neither enter the mechanism ERM-2 where the Czech currency is fixed to Euro. Apart from participating in ERM-2 mechanism the Czech Republic already met all the criteria for successful accession to Euro. These are: less than 3 % deficit of public finance and less than 60 % budget deficit in relation to the GDP. Czech Prime Minister Bohuslav Sobotka declared that the first realistic date for the Czech Republic to introduce Euro was the year 2020. Earlier PM declared that the setting of precise date of accession to Euro wouldn’t probably be part of this government’s agenda.

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Members of the American Chamber of Commerce in the Czech Republic