Czech Republic and the euro

Eurozone participation
European Union member states
(special territories not shown)
  20 in the eurozone
  1 in ERM II, without an opt-out (Bulgaria)
  1 in ERM II, with an opt-out (Denmark)
  5 not in ERM II, but obliged to join the eurozone on meeting the convergence criteria (Czech Republic, Hungary, Poland, Romania, and Sweden)
Non–EU member states
  4 using the euro with a monetary agreement (Andorra, Monaco, San Marino, and Vatican City)
  2 using the euro unilaterally (Kosovo and Montenegro)

The Czech Republic is bound to adopt the euro in the future and to join the eurozone once it has satisfied the euro convergence criteria by the Treaty of Accession since it joined the European Union (EU) in 2004. The Czech Republic is therefore a candidate for the enlargement of the eurozone and it uses the Czech koruna as its currency, regulated by the Czech National Bank, a member of the European System of Central Banks, and does not participate in European Exchange Rate Mechanism II (ERM II).

Although the Czech Republic is economically well positioned to adopt the euro, following the European debt crisis there has been considerable opposition among the public to the adoption of the euro currency.[1] There is no target date by the government for joining the ERM II or adopting the euro.[2] The cabinet that was formed following the 2017 legislative election did not plan to proceed with euro adoption within its term,[3] and this policy was continued by the succeeding cabinet formed after the 2021 election.[4] However, by the start of 2024, President Petr Pavel called on the government to take concrete steps in adopting the euro.[5]

  1. ^ "Euros in the wallets of the Slovaks, but who will be next?" (Press release). Sparkasse.at. 2008-08-05. Archived from the original on 2006-09-04. Retrieved 2008-12-21.
  2. ^ "Vláda přijala doporučení MF a ČNB zatím nestanovit cílové datum přijetí eura" (in Czech). Ministry of Finance (Czech Republic) (zavedenieura.cz). 19 December 2016.
  3. ^ Cite error: The named reference e15.cz 5 December 2017 was invoked but never defined (see the help page).
  4. ^ Přijetí eura se na čtyři roky odkládá. Podle vznikající vlády by to "nebylo výhodné". Published on 2 November 2021.
  5. ^ "Pavel: Je načase přijmout euro". Novinky.cz. 1 January 2024. Retrieved 12 March 2024.