Euro adoption
On joining the EU, the Czech Republic undertook to adopt the single European currency – the euro. The main principles of euro adoption are described in The Czech Republic’s Euro-area Accession Strategy (pdf, 47 kB). In line with this strategy, the Government and the CNB regularly assess whether the Czech Republic is ready for euro adoption. The conclusions of this assessment are summarised in the Assessment of the Fulfilment of the Maastricht Convergence Criteria and the Degree of Economic Alignment of the Czech Republic with the Euro Area. In this context, the CNB performs detailed analyses once a year, which it publishes in the Analyses of the Czech Republic’s Current Economic Alignment with the Euro Area.
Alignment Analyses and Assessment
In addition to the traditional analyses, the 2024 Alignment Analyses (pdf, 2.3 MB) have been supplemented with six thematic chapters. The first of these examines the current institutional developments in the euro area and the European Union. The second thematic chapter provides an overview of assessments of the Czech economy by renowned international institutions. The third chapter focuses on the euroisation of the Czech economy (primarily with regard to bank loans), while the fourth compares net exports in EU countries during the crisis years. The fifth chapter explains what joining ERM II means for a country and the requirements for meeting the Maastricht exchange rate stability criterion. The final thematic chapter focuses on the banking union and the implications of the Czech Republic’s potential integration in the union.
In the follow-up Assessment (pdf, 1.6 MB) prepared in April 2025, the Ministry of Finance and the CNB recommended that the Czech government not set a target date for euro area entry for the time being. The Czech Republic did not meet two of the required four Maastricht convergence criteria in 2024. Compared to previous years, no substantial progress has been made as regards the Czech Republic’s economic preparedness for euro adoption. The real economic convergence of the Czech Republic towards the euro area has almost stalled since 2020, with the process of real convergence having resumed only recently. Moreover, there are still large differences in the structure of economies. Unresolved domestic structural issues related to the current economic model and future challenges (population ageing, infrastructure investment) pose a significant risk. On the other hand, the high degree of openness of the Czech economy and its close trade and ownership links with the euro area are key positive factors. The institutions and rules of the euro area have changed over recent years, and discussions on further deepening integration are still ongoing. The future potential financial and non-financial commitments relating to the Czech Republic’s entry into the euro area thus cannot be reliably estimated at the moment.
- Assessment – 2010 (pdf, 169 kB)
- Analyses of the alignment – 2010 (pdf, 1.2 MB)
- Assessment – 2009 (pdf, 123 kB)
- Analyses of the alignment – 2009 (pdf, 1.2 MB)
- Assessment – 2008 (pdf, 287 kB)
- Analyses of the alignment – 2008 (pdf, 1.0 MB)
- Assessment – 2007 (pdf, 182 kB)
- Analyses of the alignment – 2007 (pdf, 839 kB)
- Assessment – 2006 (pdf, 278 kB)
- Analyses of the alignment – 2006 (pdf, 650 kB)
- Assessment – November 2005 (pdf, 156 kB)
- Assessment – January 2005 (pdf, 93 kB)
- Analyses of the alignment – 2005 (pdf, 603 kB)
