BLOOMBRG/ The Czech Republic's incoming central bank governor Miroslav Singer said joining the euro area has become less attractive because the currency's credibility has suffered during Europe’s sovereign-debt crisis. The nation MUST adopt the euro per its 2004 agreement to enter the European Union, but doesn’t have a target date for the currency switch. “The euro zone isn’t what it was or appeared to be just recently,” Singer said on the central bank’s website. “The euro zone’s credibility has suffered significantly during the crisis, and its attractiveness for the Czech Republic has decreased.”
Meanwhile central bank Vice Governor Mojmir Hampl said declarations that the euro “will be sustained at any cost, increases the cost of any steps needed at any given time to save it. There are many people from the Brussels elite declaring that this project will be sustained at any cost,” and that “scares me as an economist".
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