Czech Republic closer to euro adoption but still not ready – CNB

The Czech National Bank

The Czech Republic converged closer with the eurozone in 2016 but is not yet ready to join the exchange rate mechanism (ERM) and begin the formal accession process, the Czech National Bank (CNB) said on December 15.

Based on the analysis, conducted jointly by the central bank and finance ministry, the Czech government decided it will not attempt to join the ERM II in 2017. Countries join the mechanism as the first step on the path to euro adoption, and must also prove they meet the Maastricht co