Finance Ministry backtracks on joining the Euro by 2012

Meanwhile, the Finance Ministry has shelved its idea of the Czech Republic adopting the Euro by 2012, reported Euro magazine on Monday. This follows Prime Minister Mirek Topolanek publicly voicing his disagreement with the 2012 deadline. The Czech Republic originally wanted to adopt the Euro as early as 2009, but had to postpone the move because of the state its public finances. Subsequently, the Finance Minister, Miroslav Kalousek, set the date of 2012 for accession to the Euro zone, but this did not gain the support of the Czech National Bank. The Finance Ministry and the National Bank have now agreed that the country should not join the Euro before the public finance deficit is below 1% of GDP.