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19-7-2019, 06:51 UTC
[25.01.2010 18:59 UTC] Více autorů
Czech government delays adoption of euro adoption plan

The Czech government postponed for two weeks adoption of a programme mapping out the steps needed to adopt the single currency euro on Monday. Ministers said they wanted more time to define deficit cutting measures. The so-called convergence programme was due to set a target date for the switch to the euro in 2016. But the qualification criteria to achieve that should be achieved by 2013. Minister of Finance Eduard Janota has outlined a package of spending cuts and tax increases aimed at curbing the country’s ballooning budget deficit. This should eventually cut the deficit by around 100 billion crowns a year and slim last year’s budget deficit of 6.6 percent of Gross Domestic Product to 3.0 percent, the ceiling for euro adoption.