Czech PM: On Nov 1 Govt Will Set Euro Adoption Date

Czech PM: On Nov 1 Govt Will Set Euro Adoption Date

PRAGUE (Dow Jones)--The Czech Republic will set a firm date for adoption of Europe's common currency on Nov. 1, 2009, the country's Prime Minister said in a television interview Thursday.

"On the first of November we'll announce a fixed date for euro adoption," Mirek Topolanek said.

He said there is little time to waste in preparing for euro adoption, but added that until now his administration has been focused on lowered the state budget deficit.

Topolanek said the fiscal deficit in 2008 should be about 1.1% of gross domestic product. That is well below the 3% of GDP deficit limit as spelled out in the European Union's Maastricht criteria.

The Czech Republic, which Thursday took over the presidency of the European Union, currently fulfills all criteria for adoption of the euro.

Also Thursday, neighboring country Slovakia adopted the euro, becoming the 16th country to move into the currency zone.

Government Web site:

-By Sean Carney, Dow Jones Newswires; +420 222 191 375, [email protected]

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January 01, 2009 07:06 ET (12:06 GMT)

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