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The Czech Republiс has no intention of adopting the Euro

The Czech Republiс has no intention of adopting the Euro
The Czech Republiс has no intention of adopting the Euro

Czech government published the information that the country has no plans of adopting the euro, at least over the next year. The Prime Minister Petr Necas reported recently that any activities to join the euro zone are not planned due to such situation.

The Prime Minister told reporters: "I must say that the government has decided not to appoint the date of entry into the Euro zone. This decision is a recommendation that is supported by the government." In his earlier appearances elected this summer Prime Minister has already stated that at this stage, as well as in the near future, for the country it is more profitable to keep the Czech krona as a national means of payment.

The Czech government also confirmed that it has no plans to start during 2011 the transition mechanism of the European currency. Such a mechanism is a set of measures that act in the country during the transitional period, and its main task is to demonstrate the stability of the currency on the eve of the adoption of a candidate country into the Euro zone.

However, the Prime Minister said that the Czech Republic is already consistent with a number of parameters that are taken into account when entering the Euro zone. Thus, the government managed to achieve and maintain price stability and the stability of rates on long-term deposits. But, proportion of public financing in the Czech economy still remains fairly high, and it must be corrected.

As for the stability of the exchange rate of the Czech krona, Mr. Nekas noted that this option can actually be assessed only when the country starts the process of transition to the Euro. In the meantime, he said, "neither the Czech Republic, nor Euro zone countries are not prepared for entering of the Czech Republic".

It should be noted that at present the countries of the Euro zone are concerned with preserving of the stability of European currencies. At the moment, the euro is adopted by 16 countries from the 27 members of the European Union. On January 1, 2011 the 17th member will be adopted to the Euro zone, and it will be Estonia.

Anton Linden

Date: 30/12/2010

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