Czechia is not ready to adopt the euro

Published: 26.05.2023 Related countries:  U.S.A. U.S.A.

Czechia is not currently ready for the euro. Those were the words of Prime Minister Petr Fiala, who confirmed that the adoption of the currency would not be a topic during the next election period.

Fiala emphasized the importance of addressing two key issues for Czechia. Firstly, it is crucial to address the state budget and take measures to regulate the current high inflation. By the end of 2022, Czechia recorded a budget deficit of CZK 360 billion, marking its third-largest deficit in history. Additionally, the inflation rate currently stands at approximately 13 percent. Furthermore, Czechia's total public debt exceeds CZK 1 trillion.

When Czechia joined the EU in 2004, one of the prerequisites was the adoption of the euro. However, no specific timetable or deadlines have been established for this transition.

Slovakia, which also joined the EU in 2004, adopted the euro in 2009. On the other hand, Sweden, a country that became an EU member in 1995, has consistently postponed the adoption of the euro and currently has no immediate plans to do so.

Presented by the team of employees of CzechTrade Austin, USA.