Koruna's rise presents mixed blessing

Ludek Niedermayer, a vice governor of the Czech National Bank, parried calls for the central bank to act on the appreciation of the koruna and said that the increase in the currency's value made euro accession more favourable.

In an interview with Hospodarske Noviny, a Czech newspaper, on Tuesday the deputy governor said: "The majority of central banks in a similar position to us have realised that foreign exchange interventions are ineffective."

The koruna has risen by 7.5% against the euro