Prime Minister Petr Fiala of the ODS party has declared that adopting the euro is not a priority for the current electoral term in light of the prevailing economic conditions. Fiala emphasized the necessity of first stabilizing the budget and reducing inflation before considering the adoption of the common currency.

Fiala pointed out that the Czech Republic does not currently meet the Maastricht criteria, which are the conditions required for entry into the eurozone. Given the existing economic circumstances, he believes that addressing the euro adoption issue is not feasible within this electoral term.

Last year, prior to Christmas, the government, in consultation with the Ministry of Finance and the Czech National Bank, decided against setting a specific date for euro adoption. Minister of Finance Zbyněk Stanjura (ODS) stated that discussing euro adoption in the Czech Republic would be premature until inflation is lowered and structural imbalances in the budget are rectified. Similar sentiments were expressed at a recent ODS party conference.

Fiala appreciated the lively debate on the pros and cons of adopting the euro that took place during the party’s ideological conference. He acknowledged the active participation of many young members of the ODS party, highlighting that both perspectives were presented, reflecting the broader societal discourse on the matter.

The prime minister also mentioned the commitment to enable accounting in euros, acknowledging the legislative and practical challenges associated with it. However, he affirmed that efforts are underway to fulfill this commitment starting next year. Many entrepreneurs in the Czech Republic have already transitioned to euro-denominated loans due to high inflation.

While the Czech Republic committed to adopting the euro upon joining the European Union, it has not established a specific timeline. Currently, 20 EU member states utilize the common currency. Markéta Pekarová Adamová, Chairwoman of TOP 09, previously proposed that a realistic target year for euro adoption in the Czech Republic would be 2030.