PM: 2012 not realistic for euro adoption

Prime Minister Mirek Topolanek has said that the Czech Republic must look beyond 2012 for adoption of the euro. In a televised debate on Sunday the prime minister said the country would not be ready to adopt the single European currency until it had successfully implemented a reform of the health and pension system. 2012 is simply not a realistic target date, the prime minister said. Czech business leaders have been putting pressure on the centre-right cabinet to speed up the necessary reforms and set a date for the adoption of the euro as soon as possible. The Civic Democrats, of which Mr. Topolanek is chairman, say they cannot proceed as fast as they would like because of the need to reach agreement with their coalition partners, the Christian Democrats and the Greens. Neighbouring Slovakia is aiming to become the first new EU member in Central Europe to adopt the euro in January of 2009.