Czech Republic and The Euro - Adopting The Euro

Adopting The Euro

Initially, the Czech Republic planned to adopt the euro as its official currency in 2010, however evaluations in 2006 found this date to be unlikely. In February 2007, the Finance Minister said 2012 was a "realistic" date. but by November 2007 this date was said to be too soon. In August 2008, an assessment said that adoption was not expected before 2015 due to political reluctance on the subject. However, in October 2009, the finance minister of the time, Eduard Janota, stated that the 2015 target is no longer realistic. Central bank governor Zdeněk Tůma even speculated about 2019 or further depending on the Eurozone crisis developments.

Currently, a competition for the design of the national sides of Czech euro coins is under consideration, and as such the design has not been decided.

In late 2010, a discussion arose within the Czech government about negotiating an opt-out from joining the Eurozone. This discussion was partially initiated by Euro-sceptic President Václav Klaus. Prime Minister Petr Nečas later stated that no opt-out is needed because the country cannot be forced to join the ERM II mechanism. As a result, it will itself decide when or if to fulfill one of the obligatory criteria to join the Eurozone, which is an approach very similar to that of Sweden. Nečas also stated that his cabinet will not decide upon joining the euro during its term which is due to expire in 2014. The Czech Republic therefore will not be able to become a member of the Eurozone sooner than 2017. During the European sovereign debt crisis Nečas said that the conditions governing the euro had changed sufficiently that Czechs should be consulted by referendum before joining the eurozone.

A survey held in January 2011 found only 22% (6% "definitely yes", 16% "rather yes") of the population being in favor of adopting euro while 78% (43% "definitely not", 35% "rather not") being against it.