Czech Republic

Governor's deciding vote sees Czech rates up

The Czech Central Bank raised interest rates by a quarter of a percentage point to 2.75% on 31 May. The central bank's board was split, with three members voting for the hike and three for leaving rates unchanged. It then fell to governor, Zdenik Tma, to…

Why Czechs must put Euro on the back-burner

In an interview with the Financial Times, published Tuesday 3 April, the Czech central bank governor warned public finances need to be brought under control if the country wants to join the euro.

CNB's Tuma on the exchange rate forecast

In the speech 'The exchange rate forecast' given on 22 February Zdenek Tuma of the Czech National Bank said there is little doubt that the exchange rate plays a critical role in any attempt to forecast the business cycle in a small open economy.

Europe's club of nations needs a rule change

According to this article by Zdenik Tma, governor of the Czech National Bank, first published by the Financial Times on 4 January, ERM-2 rules might have been perfectly legitimate in the past, but today they are outdated and -counter-productive.

Paper on central bank interventions

The December 2006 Working Paper "Central bank interventions, communication and interest rate policy in emerging European economies" analyses the effectiveness of foreign exchange interventions in Croatia, the Czech Republic, Hungary, Romania, Slovakia…

BIS papers on financial globalisation

On 19-20 June 2006, the BIS held its fifth Annual Conference, on Financial Globalisation, in Brunnen, Switzerland. The BIS published Papers from the event on 28 December.

ECB issues warning to euro hopefuls

Some of the new members of the European Union lining up to adopt the euro will likely have to wait until the end of the decade, the European Central Bank said Tuesday 5 December.

Financial integration of new EU Member States

The ECB Working Paper "Financial integration of new EU Member States" assesses the degree of financial integration for a selected number of new EU member states between themselves and with the euro zone.

Slovakia pledges 2009 for euro adoption

In an interview with the Financial Times, Slovakia's finance minister Jan Pociatek said, "It is my personal responsibility to follow the euro commitment," allaying fears that the new leftist government might delay the adoption of the single currency.

Comment: Eastern European tightrope

Amidst renewed inflation fears in the developed world and the prospects of further interest rate hikes there, a number of central banks in Eastern Europe and the Baltics will be silently grateful for a little bit of latitude. But with question marks…

The brave new world of central banking

At the dawn of the 21st century, property and equity ownership are spread more broadly across the population than they once were, according to the Czech National Bank Working Paper "The brave new world of central banking: The policy challenges posed by…

Inflation concerns for Czech NB

The Czech National Bank (CNB) is worried about the inflation criterion the country must meet before joining the euro, vice-governor Miroslav Singer told delegates at a forum of the Czech Exporters' Association on 10 November.

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