Czech President Advocates Transition to Euro

In his New Year address, Czech President Petr Pavel expressed his stance on the necessity of transitioning the country to the Euro. He emphasized the need for concrete steps that, in his view, will ultimately lead to the Czech Republic joining the Eurozone, as reported by Novinky.

"After many years, it is time to start taking concrete steps that will lead us to fulfil this commitment (the introduction of the Euro). Despite endless discussions about the pros and cons of the Euro, for a country with an open and export-oriented economy located in the heart of Europe, a common currency is a logical future," noted the Czech President.

Petr Pavel also reminded in his speech that the Czech Republic is finally meeting its NATO commitment to allocate two percent of GDP to defence. It is worth mentioning that the Czech Republic is one of the seven EU countries that do not use the common European currency, although it undertook the obligation to adopt the Euro upon joining the European Union in 2004. However, the specific date for the transition to the shared European currency remains the responsibility of the member countries.

In a joint document in December 2022, the Czech National Bank and the Ministry of Finance expressed the opinion that it is "highly unlikely that the Czech Republic will meet the benchmarks of the Maastricht criteria (conditions that grant EU countries the right to join the third stage of the Economic and Monetary Union) in 2022 or 2023."

In November 2022, Prime Minister Petr Fiala informed journalists that under his government, the transition to the Euro in the country will not occur, adding that he does not consider it a realistic prospect at this time.

Recalling, in early December, the lower house of the Czech parliament approved the extension of temporary protection for individuals who left Ukraine due to the Russian invasion until March 2025. The project received support from representatives of the coalition and the opposition movement ANO, while the Social Democrats were unable to push through the rejection of the bill.

The temporary protection system allows Ukrainian refugees to access state medical insurance, education, and employment opportunities. To extend the duration of temporary protection, Ukrainian refugees must register online by March 15 of the following year. During registration, Ukrainian citizens must choose a date for a personal visit to the Ministry of the Interior, where they will receive a visa sticker to confirm their temporary protection.