European Commission: Czech Republic not ready to adopt euro


The Czech Republic does not fulfill the conditions necessary to adopt the euro, the European Commission stated in its Convergence Report published on Wednesday. The commission criticized the Czech government’s fiscal ambitions, stating that planned measures to reduce the state budget deficit in 2011 and 2012 were insufficient and too unspecific. Wednesday’s report evaluated the fiscal situation of nine countries that are hoping to adopt the euro. Of the nine countries, the only one to fulfill all conditions is Estonia, which the European Commission believes could join the euro zone in 2011.