Ministry of Finance and National Bank to recommend government not adopt euro any time soon
Czechia’s leading financial institutions, the Ministry of Finance and the Czech National Bank, will again not be recommending to the government that the Czech Republic set any date by when to adopt the Euro as its currency, the Czech News Agency reported on Sunday. The recommendations come ahead of a Monday meeting in which the government is set to evaluate the country’s fulfillment of the Maastricht convergence criteria and the level of economic cohesion between the Czech Republic and the Eurozone.
It is the same advice as in past years from the two institutions and the current government had previously announced that it does not plan to adopt the Euro during its mandate.
The reason for not being able to switch to the Euro this year is that the country’s high level of inflation does not fulfill the criteria of price stability and that the high deficit will be outside the criterion of public finance sustainability. This according to information available to the Czech News Agency.