Strong crown costing millions in lost EU funds

The strong crown is costing the Czech Republic millions in lost monies from the EU, says the government. The cause is simple – the converted monies are simply not worth as much as they used to be. Now, the Czech Prime Minister has come up with a potential solution. Speaking at a press conference on Tuesday, Mr Topolánek stated that one way to save money might be to source it in a different currency other than Euros, although further details were not forthcoming. The Czech Republic is poised to receive 26.7 billion Euros from the EU between 2007 and 2013. However, when the agreement was signed, 1 Euro was worth 26 crowns. Today, one Euro brings only around 23 crowns.