EURO adoption date remains still unclear in the Czech Republic

Published: 30.12.2018 Related countries:  New Zealand New Zealand, Australia Australia

There is no setting a target date for to entry to Eurozone in the Czech Republic.

The Ministry of Finance and the Czech National Bank (CNB) recommended again not to set a target date for entry into the Eurozone – countries which has EURO as a currency. The document was approved by the government, Alena Schillerová Finance Minister of the Czech Republic  wrote on Twitter, saying she did not want to risk the depreciation of citizens' savings.

"We definitely do not want to risk a major depreciation of the savings of our citizens. In recent times, the Eurozone rules have changed significantly, and it is difficult to estimate what obligations the Czech Republic would have after its entry," the minister said on Twitter.

The Czech Republic has promised to take steps to prepare itself for accession to the Eurozone as soon as possible. Every year, MF and CNB material evaluates the fulfilment of the Maastricht convergence criteria and the degree of economic alignment of the Czech Republic with the euro area.

Setting the entry date is within the competence of the Member State and depends on the degree of its readiness. Any non-fulfilment of the convergence criteria has no direct consequences for the Czech Republic. An exception is the sustainability criterion of public finances.

Source: zpravy.aktualne.cz

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