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The Czech Republic Still Do Not Intend To Adopt Euro

Last week the president of the European Commission Jose Barosso encouraged the Czech government to define an approximate date when the Czech Republic is going to join the euro zone. But the Czech government is still uncertain on this matter so the country is very likely to be the last one to adopt the common European currency.

In spite of rather rapid development and steady economic growth the Czech Republic has all the chances to become the last country in the region using the national currency (frankly speaking, rather strong one). If the Poland will manage to adopt euro in 2001 as it intends, the Czech Republic will be completely surrounded by the euro zone neighbours.

In his interview to Radio Praha Czech economist Tomáš Sedláček commented on this situation: “We will be surrounded by Eurozone countries and only the Czech Republic, with a population of 10 million people, will still be using the country’s national currency. In terms of the business sphere, if this situation should last for a year or two it wouldn’t really matter. If the uncertainty should be prolonged, I believe that many businesses will consider not investing in the Czech Republic, not having to face all the troubles with foreign exchange, the uncertainty one has to face with the strengthening currency and they will choose Poland or the Slovak Republic rather than the Czech Republic.”

Photo: by Jailbird (wikimedia.org)

Date: 16/09/2008