Marian Jurečka, the Minister for Labour and Social Affairs, has indicated that Czechia may be ready to embrace the Euro by 2030. Yet, according to Lukáš Kovanda (in an interview on Radio.cz) – Trinity Bank’s chief economist, Czech citizens are largely resistant to the idea, primarily due to their confidence in the stability of the Czech crown. Kovanda adds that being at Europe’s core geographically makes Czechs feel less compelled to adopt the Euro for the purpose of European integration. If Czechia decided to adopt the Euro, it would mean surrendering its independent control over monetary policy, posing the risk of Eurozone-wide interest rates that may not suit the local economy. However, Kovanda acknowledges the benefits too, such as the Euro’s higher stability during periods of global financial turbulence. Despite Jurečka’s hopeful prediction, Kovanda thinks the chances of Czechia transitioning to the Euro within the decade are evenly split, given that most of the population and political parties, like the Civic Democrats, are against it.
Source: english.radio.cz
