The government yesterday approved a strategy for adopting the euro in 2009 or 2010.
The prerequisites for the transfer to the European currency are a successful consolidation of public budgets, a sufficient level of real convergence, and progress in structural reform in order to coordinate the Czech and European economies.
The exact date of the Czech Republic's accession in the eurozone will depend on the date of joining the ERM 2 currency exchange mechanism, in which the Czech crown should stay for 2 years. The Finance Ministry and Central Bank will propose the latter date to the cabinet.
Source: Prague Business Journal
