The Government has approved the joint recommendation of the Ministry of Finance of the Czech Republic and the Czech National Bank (CNB) not to set a target date for adopting the euro yet. The Czech Republic will therefore not attempt to enter ERM II in 2017. The decision, based on this year’s “Assessment of the Fulfilment of the Maastricht Convergence Criteria and the Degree of Economic Alignment of the Czech Republic with the Euro Area”, was adopted by the Government at its meeting on 14 December 2016.

The Ministry of Finance and the Czech National Bank have concluded that the Czech Republic has not yet made sufficient progress in laying the groundwork for euro adoption to allow it to set a target date for entry into the euro area, the Czech National Bank writes. Read details in English and Czech.