Czech President Petr Pavel, in his inaugural New Year’s address, advocated for the adoption of the euro in his country, emphasizing the need for concrete steps toward this commitment. The 62-year-old leader highlighted the euro as the logical future for a nation boasting an open, export-oriented economy situated at the heart of Europe.

Taking office in March 2023 as the head of the EU and NATO member state with approximately 10.8 million inhabitants, former Chief of the General Staff Pavel stressed the significance of the single currency. Despite the Czech Republic’s possession of its own currency, the koruna, the country pledged to embrace the euro nearly two decades ago upon EU accession, yet without a specified timeline.

Prime Minister Petr Fiala’s liberal-conservative administration has not reached consensus on the timing of euro adoption. Nonetheless, a recent legal amendment permits companies predominantly transacting in euros to maintain their accounts in this currency, a move supported by the country’s Chamber of Commerce, which notes that many large corporations already conduct invoicing in euros.