31 July 2010

CZECH REPUBLIC: New PM Necas Balking At Euro Adoption.

BLOOM/     New PM Petr Necas, 45, won’t commit to a target date for joining the euro despite pressure from exporters hurt by a rising currency, the koruna. “The government program will not include any target date or a promise to join the euro area,” Necas said "Exports are important, but this country is not only a country of exporters. With the current state of the euro zone, it wouldn’t be politically wise to say that we will join on a certain date,” Necas said. “After all, nobody knows what will happen with the euro zone in two or three years, so a cautious approach is appropriate.”