64000 Czechs Sign Anti Euro Petition
- New Europe Investor
- November 12, 2014
Led by the opposition party, The Civic Democrats got 40,000 signatures together, with a further 24,000 online, for an anti Euro petition to attempt to halt the country from adopting the single currency.
The current coalition led by Bohuslav Sabotka and made up of The Social Democrats, The ANO and The Christian Democrats have every intention of bringing the country into the Euro as per the EU Accession agreement in 2004.
The Accession agreement binds every new member to join, however only when the country is deemed in good enough health to do so.
The petition gives right to a debate in the senate, but it is said that it is unlikely to change the outcome. The current target date for entry is 2020.
Czech President, Milos Zeman not only supports the change over, but wishes the date to be brought closer.
It seems recent years of turmoil with the currency combined with Eurozone stagnation, have created an atmosphere of scepticism to the currency in The Czech Republic.
76%of people polled by the CVVM agency want to keep the koruna, with only 19% in favour of adopting the Euro. 5% were undecided.
The Czech economy is currently experiencing modest growth where, following a recent lowering from 3%, this year will see 2.5% and a further 2.5% in 2015.
The EU buys 80% of Czech exports with 32% going to Germany alone. Current economic policy is focused on monetary expansion, as inflation is currently running at 1.5%, where the Central bank is targeting 2.0%.
Eurozone membership would take away such powers.