Czech government passed updated euro adoption strategy

The Czech cabinet approved an updated strategy of the adoption of the euro on Wednesday. The new strategy does not contain any benchmark for the adoption of the single European currency but Prime Minister Mirek Topolanek said the euro could be, under certain circumstances, adopted in 2012, as originally proposed. According to the Czech government, the main obstacles preventing the replacement of the Czech crown by the euro is the bad state of public finances and low flexibility of Czech economy. The eventual deadline for the adoption of the euro will depend on when these issues are resolved.