euro - bank governor speaks out
WORKERS, JULY 2005 ISSUE
Following on from the rejection of the EU Constitution by Holland and France, the Czech Central Bank has now issued warnings against the single currency. The governor of the Czech Central Bank has described the euro as "a significant risk" to the Czech economy.
Though the Czech Republic will not join the single currency until 2010, the Bank's warnings are seen as the Czech Republic looking for a bail-out from the euro. The governor's comments echo the German economics minister, who has blamed EU monetarist policy for making Germany "the sacrificial lamb of stability" within the EU.