CNB's Tuma says euro entry rules outdated

Czech central bank governor Zdenek Tuma said in an article published Thursday 4 January the conditions for new member states to join the euro are outdated and should be overhauled.

The 1992 Maastricht Treaty requires countries joining the euro to comply with a set of convergence criteria, including two years' membership of the ERM2 exchange rate system.

'Back then, these rules might have been perfectly legitimate, but today they are outdated and counter-productive,' Tuma said in an article in t

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