OECD: Czech public finance deficit unlikely to fall below 3 percent before 2013

The OECD says the Czech Republic’s public finance deficit is unlikely to fall below the 3 percent cut-off required for adoption of the single European currency before the year 2013. Speaking on Tuesday, the general secretary of the OECD, Angel Gurria, said the main challenge facing the next Czech government would be to stabilise the country’s public finances and limit its indebtedness. He said the date on which the Czech Republic could adopt the euro would mainly depend on fulfilling those criteria. In 2009 the Czech public finance deficit rose to 5.93 percent of GDP; it is expected to fall back to 4.8 percent this year. The country does not have a target date for Euro adoption.