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No rush in euro introduction

Apparently there is no rush in the CEE region to introduce the common European currency, as neither the Czech nor the Polish government has a target date to introduce the euro in their countries.

The majority of the newer member countries are not welcomed in the Eurozone. There is no need for the Czech Republic to rush into the Eurozone, as the economy of the country is not without problems and its currency is not stable. If the euro were introduced very soon, inflation would accelerate, opined Robert Holman, member of the committee for financial policy of the Czech National Bank. The Polish government’s unofficial date of joining the Eurozone is largely optimistic, stressed his doubts Slawomir Skrzypek, chair of the Polish National Bank. Due to their stronger economic growth and expanding consumption, having the recently joined member countries’ introduction of the euro too soon would accelerate inflation and ruin economic growth of the old members, said analysts. Planning the introduction of euro in next January, Slovakia may be the exception from the new members, as their quick growth is fed by export resulting from the FDI of recent years. Inflation is lower in Slovakia, due to centrally controlled energy prices. Slovakia is paying the price through increased tax burdens and the slowing increase of real wages. (Gazdasági Rádió)