Archive: European Union | Euro Euro

Klaus on Greek debt crisis – euro chickens coming home to roost

29-04-2010 15:32 | Rob Cameron

Uncertainty reigns in Europe as Greek leaders wait anxiously for Germany to agree on a bailout plan for the country’s debt-laden economy. Analysts fear if Germany’s Chancellor Angela Merkel continues to dither, the euro could be pulled into the abyss as other debt-ridden countries such as Spain and Portugal follow suit. But one man telling Europe ‘I told you so’ is President Václav Klaus, who says the euro is the cause of Greek woes.   More

Czech PM to announce euro adoption date November 1, 2009

02-01-2009 15:53 | Rob Cameron

Photo: CTK Slovakia became the 16th country to join adopt the single European currency on January 1st, and there were great scenes of celebration across the country. Perhaps surprisingly, however, their old partner the Czech Republic is very far from adopting the euro – the government has yet to adopt a convergence plan. But as Rob Cameron reports, that could soon be about to change.   More

Business News

17-10-2008 14:31 | Ian Willoughby

In Business News this week: as the financial crisis continues, analysts predict lower GDP growth in the Czech Republic in 2009; a marked fall is seen in investment in commercial property; the Czech Republic doubles bank deposit guarantees, while the central bank begins offering loans to banks guaranteed by government bonds; the head of the Confederation of Industry says the government should suspend discussions about euro adoption; and big privatisation projects are going ahead despite the financial crisis, with Aeroflot reported to be the favourite to buy Czech Airlines.   More

Strong crown sees Czech companies adopt Euro instead.

03-07-2008 15:17 | Dominik Jůn

Photo: European Commission The Czech Republic’s official road to adopting the Euro is a long and winding one. While politicians argue over the pros and cons of embracing the pan-European currency, it seems that Czech businesses, motivated by an increasingly strong crown have already made up their minds. Battling against an increasingly strong crown, many companies that export beyond the country’s borders are instead choosing to do their business in Euros. The reasoning is simple – countries importing Czech goods, are assured a better deal with a weaker currency like the Euro. Dominik Jun spoke to economist Tomáš Sedláček about this issue and began by asking him why the switch made sense to Czech businesses:   More

EU expert Charles Grant: Czech reluctance to join euro incomprehensible

10-03-2008 14:07 | Ian Willoughby

Charles Grant Charles Grant is the director of the Centre for European Reform, one of the UK’s leading pro-EU think tanks. When we met in Prague recently, the conversation ranged from next year’s Czech presidency of the European Union to whether the Czechs should adopt the euro. But my first question for Charles Grant was: what impact have the recent enlargements had on the EU?   More

Business News

04-01-2008 14:27 | Ian Willoughby

In Business News this week: the budget deficit is significantly lower than predicted; the prime minister signals an end to state support for building savings; the euro could be adopted as late as 2019, says the governor of the central bank; almost half the foreigners working in the Czech Republic would like to leave, citing trouble finding employment corresponding to their qualifications; and after years of growth, the number of mobile phone text messages sent on New Year’s Eve fell slightly.  More

What hinders euro adoption?

20-11-2007 15:57 | Daniela Lazarová

Photo: European Commission The recent strong appreciation of the crown against the euro has resulted in growing internal pressure on the Czech government to set an early target date for euro adoption. After having to revise plans to join the Euro-zone in 2010, the Finance Ministry has spoken of the year 2012 as a soft-target date. However during a televised debate on Sunday the PM said the country must now look beyond 2012 to a time when it had successfully implemented heath and pension reforms. With neighbouring Slovakia looking set to join the euro-zone in 2009 it seems Czechs have gone seriously wrong somewhere. But is the country really lagging so far behind other euro contenders? Economic analyst Tomas Sedlacek says that it is not the economy that’s hindering adoption of the Euro – it is a lack of political will.   More

European Commission criticises Czech Republic over public deficit

31-05-2007 16:08 | Jan Velinger

It came as no surprise on Wednesday but that took no edge of the news: the European Commission's issuing of a warning to the Czech Republic for not doing enough to rein in its public deficit. With an increase in expenditures the Czech Republic is set this year to miss the EU's mark of keeping the deficit below 3 percent of the GDP as part of its convergence requirements.   More

Business News

10-11-2006 13:30 | Rob Cameron

Coming up in this week's business news, Czechs help block an EU proposal to raise tax on beer, Budvar wins a trademark battle in Portugal, Delvita supermarkets announce they're shutting up shop, the Czech crown sets a new record against the euro, minority shareholders call for halt in Unipetrol privatisation, Czech perceptions of corruption decline and the World Bank says setting up a Czech company takes 24 days - over a week longer than the OECD average.   More

Topolanek hammers nail in coffin of 2010 euro adoption

15-09-2006 14:20 | Rob Cameron

Prime minister Mirek Topolanek, photo: CTK For some time successive Social Democrat governments have spoken of the Czech Republic joining the eurozone by the end of the decade - January 1st, 2010 being the date most frequently mentioned. But the new right-wing prime minister Mirek Topolanek put paid to the idea once and for all on Thursday, saying 2010 was totally unrealistic.   More

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