Czech central banker opposes ERM

CZECH REPUBLIC - The Czech Republic should spend as little time as possible in an exchange-rate mechanism prior to adoption of the euro, said the central bank's governor, Zdenek Tuma.

Such currency bands are inferior to either a fixed or floating regime, said Mr. Tuma, in his most extensive comments to date about how the central bank intends to steer the country toward membership in the 12-nation European economic and monetary union.

Mr. Tuma said he doesn't agree with European Central Bank arg