Prime Minister Fiala: Euro Adoption Not a Priority for Czech Republic in Current Economic Climate

Prime Minister Petr Fiala (ODS) stated that adopting the euro is not a priority for this electoral term due to the current economic situation. He emphasized the need first to stabilize the budget and reduce inflation.

Fiala pointed out that the Czech Republic does not meet the so-called Maastricht criteria, which are conditions for entering the eurozone. Given the current economic circumstances, he believes that the euro is not a topic that can be addressed in this electoral term.

In agreement with the Ministry of Finance and the Czech National Bank, the government decided last year before Christmas not to set a specific date for adopting the euro. Minister of Finance Zbyněk Stanjura (ODS) stated that it is premature to discuss euro adoption in the Czech Republic until inflation is reduced and structural imbalances in the budget are corrected. Similar sentiments were expressed at a recent conference of the ODS party.

Fiala appreciated the discussion on the pros and cons of adopting the common European currency, which took place at the party’s ideological conference. He noted that the debate on the euro was lively and involved many young members of the ODS party. Both perspectives were presented, reflecting the broader societal discourse.

Fiala also mentioned the promise to enable accounting in euros, acknowledging the legislative and practical challenges but affirming that efforts are being made to fulfill this commitment starting next year. Many entrepreneurs in the Czech Republic have already switched to euro-denominated loans due to high inflation.

Although the Czech Republic committed to adopting the euro upon joining the European Union, it has not set a specific timeline. Currently, 20 EU member states use the common currency. Chairwoman of TOP 09, Markéta Pekarová Adamová, previously suggested that a realistic target year for euro adoption would be 2030.