Czech President calls for concrete steps towards joining the euro

Czech President Petr Pavel has used his first New Year's address since taking office to call for the introduction of the euro in his country.

"The time has come for us to start taking concrete steps that will lead to the fulfilment of this commitment," the 62-year-old said on Monday.

For a country with an open and export-orientated economy, which is located in the centre of Europe, the single currency is the "logical future," he said.

Former Chief of the General Staff Pavel has been at the helm of the EU and NATO member state with around 10.8 million inhabitants since March 2023.

The Czech Republic has its own currency, the koruna. Prague made a commitment to adopt the euro when it joined the EU almost 20 years ago, but no time frame was set.

The liberal-conservative government under Prime Minister Petr Fiala has not yet been able to agree on a date for joining the euro.

However, an amendment to the law that came into force at the turn of the year allows companies that generate the majority of their turnover in euros to keep their accounts in this currency. The country's Chamber of Commerce says many large companies already invoice each other in euros anyway.