The lower house of Parliament on Wednesday approved a debt-brake mechanism that would prevent future governments from borrowing and spending beyond their means. The bill sets a debt ceiling at 55 percent of GDP, lower by five percent than that outlined in the EU’s fiscal compact. It also envisages the creation of a fiscal council which would monitor adherence to the criteria set down. According to the proposal regions and municipalities would also need to have balanced budgets. The bill, which still needs to be approved by the Senate and signed by the president, should come into force on Jan 1, 2017.
Friendly guide maps Prague ethnic eateries
Czech political parties clash over who should exploit lithium reserves
Thriving Prague hotels raising prices to previously unseen levels
Activists pour blood-red substance in Vltava to protest alleged ‘misuse’ of Mánes art gallery
Strong Czech economic growth surprises experts