You are here: Home Czech Republic Czech Republic has no plans to adopt euro before 2009
Document Actions

Czech Republic has no plans to adopt euro before 2009



The Czech Republic has no plans to seek admission to the eurozone before 2009, a government spokesman said here Monday.

Finance Minister Bohuslav Sobotka said the government would be unable to reduce its public deficit to less than three percent of output -- as is required for countries using the single European currency -- before 2008.

As one of the 10 countries that will enter the European Union in May, the Czech Republic would be eligible to adopt the euro in 2006-2007 provided it met other conditions laid down in the Maastricht treaty on European union.

But according to a document approved Monday by the government, which was drafted by the central bank and the ministries of finance and industry, the priorities now are to strengthen the country's public finances and to pursue economic reforms.

An austerity campaign launched at the end of September aims to limit state spending and to bring the public deficit down to four percent of output from six percent in 2006.

The latest government document calls for stiffer measures against a parallel economy and for wide-ranging reforms to the pension system.

13 October 2003, 17:04 CET
Cache EUB's Breaking News Portlet as HTML
Sponsor
Instant Offices - search for office space in the Czech Republic
Sponsor this channel
Cache EUB's Upcoming Events Portlet as HTML
Text links
Text links
Your link here