Oldrich Dedek, CNB vicegovernor, said yesterday, that the current appreciation of the Czech currency is not adequate and complicates a situation of the Czech economy during a global economic slowdown.
The Czech Republic could join European Economic and Monetary Union in 2008-2010, said Michal Tomasek from Banking Association. Vaclav Klaus, chairman of the Lower House, considers that this scenario is quite optimistic. Moreover, Klaus expects that costs for maintaining euro will be still higher.
The Czech Republic exported passenger cars worth a record CZK 111bn last year (y-o-y increase:17%), while imports rose 13% CZK 28.4bn, according the data from customs statistics.
EU costs will increase by EUR 5.6bn in the first year after the enlargement. It is possible that the bulk of 10 countries from central and eastern Europe can join EU in 2004.
The Ifo economic research institute's index of western German business confidence rose for a third month to 86.3 in January, from 85.8 in December.
M3 growth, the ECB's yardstick of future inflation, expanded 8% from December 2000, the same rate as in November. The ECB aims to keep expansion of M3 at about 4.5%.
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