Czech Republic and the euro

The Czech Republic, a member of the European Union (EU), uses the Czech koruna as its currency, regulated by the Czech National Bank, a member of the European System of Central Banks, and does not participate in European Exchange Rate Mechanism II (ERM II). It is bound by its 2003 Treaty of Accession to the EU to adopt the euro and join the eurozone once it has satisfied the euro convergence criteria.

Although the Czech Republic is economically well positioned to adopt the euro, following the European debt crisis there has been considerable opposition among the public against the adoption of the euro currency. According to a poll conducted in April 2017, 29% of Czechs were in favour of introducing the euro while 70% were opposed and 1% undecided. As of 2017, there is no target date by the government for joining the ERM II or adopting the euro.

The European Union membership referendum in 2003 approved the country's accession with 77.3% in favour, and in 2004 the Czech Republic joined the EU.

Since joining the EU in May 2004, the Czech Republic has adopted fiscal and monetary policies that aim to align its macroeconomic conditions with the rest of the European Union. Initially, the Czech Republic planned to adopt the euro as its official currency in 2010, however evaluations in 2006 found this date to be unlikely and the target date was postponed indefinitely. In February 2007, the Finance Minister said 2012 was a "realistic" date, but by November 2007 this was said to be too soon. In August 2008, an assessment said that adoption was not expected before 2015 due to political reluctance on the subject. However, in October 2009, the then Finance Minister, Eduard Janota, stated that 2015 was no longer realistic. In June 2008, the Central bank governor Zdeněk Tůma speculated about 2019.

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