Czechs may set euro target next year, says premier

Czechs may set euro target next year, says premier Prague - The Czech Republic may set a eurozone entry date next year if the country shows it can meet the adoption criteria in the long run, Czech Prime Minister Mirek Topolanek said Monday.

Speaking to reporters after meeting Czech bankers, Topolanek said that the country should focus on catching up with the eurozone rather than on setting the euro target amid the global financial crisis.

"Next year will reveal whether we are meeting the criteria, whether we can meet them in the long term," he said.

While some new European Union members see the euro as an anti- crisis formula, Czech officials have said the local currency, the Czech koruna, has helped to insulate the country from the meltdown.

Topolanek said he saw no point in setting the date when "a number of European countries" are set to abandon the so-called Maastricht criteria, the EU's fiscal policy requirements for joining the euro.

"The discussion (about the euro entry) is artificial ... at a time when the Stability and Growth Pact is practically falling apart," Topolanek said, referring to the EU's deal aimed at protecting the euro, which includes the Maastricht rules.

The premier's remarks echoed earlier statements by Czech officials, including the central bank governor, who warned against fixing the Czech koruna in the pre-entry ERM-2 exchange rate mechanism when markets and exchange rates were unpredictable.

To exporters' complaints, Topolanek's centre-right cabinet has abandoned 2010 as a euro-adoption target and has so far supported a late switch. (dpa)

Business News: 
General: 
Regions: