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The Central Bohemian branch of the Social Democratic Party is demanding a pledge of loyalty from all candidates running in local elections, due to be held in ten days’ time. If elected Social Democrat representatives should vote against a party resolution or are not present at key votes without a valid reason, they may be fined up to four million crowns. The proposal was put forward by the Central Bohemian election leader David Rath and approved by 85 percent of votes at a regional party conference. Although critics say that the pledge is unethical none of the party’s candidates have publicly opposed the move.

The current cult of economic growth at all costs may harm civilization, the former Czech president Václav Havel said in an interview for Z1 TV, a Czech digital television channel, on Monday. Reflecting on the global financial crisis, Mr. Havel said the cult of consumerism, growth and permanent change could lead civilization into an abyss. The dissident-playwright-turned-president suggested that a certain degree of market regulation here and there could help prevent serious economic crises but it would not change people’s growing obsession with money. He said an existential revolution of some kind was needed to make people recover their wits and re-think their priorities.

The Prague Stock Exchange on Monday registered the biggest daily loss since it was established in 1993, with shares falling by a record 8.46 percent. The PX index fell to a three-and-a-half year low of 1,102.9 points. Financial analysts say it is possible that the decline will continue. Markets worldwide retreated sharply on Monday amid concerns that the spreading financial crisis may push the global economy into recession.

The car maker Škoda Auto is to reduce output at its plant in Mladá Boleslav due to a fall in demand. No cars will be produced in the last week of October, amounting to a fall of around 13,000 vehicles. Škoda Auto had previously announced plans for a two-day halt on its production lines. A representative said the company expected a marked fall in sales growth next year, noting that the days of double-figure growth were over. On Saturday, it was reported that the truck maker Tatra was also reducing its output and shortening workers shifts.