Dvořák: Financial Transactions Could Push Czechia Toward the Euro

Martin Dvořák, Minister for European Affairs, believes that the Czech Republic’s adoption of the euro could depend on a shift in financial transactions.

“My vision of qualifying for the UEFA Euro in 2028 while simultaneously adopting the euro isn’t going exactly as planned,” Dvořák remarked at a press conference. He emphasized that a significant rise in euro-based financial transactions could render the Czech koruna obsolete.

Drawing parallels with Croatia, Dvořák explained: “It’s somewhat similar to what happened there. When euro transactions dominate, maintaining a separate currency becomes economically impractical.”

At a recent cabinet meeting, Finance Minister Zbyněk Stanjura of the ODS party stressed the importance of building both political and public consensus for euro adoption. “We need either widespread political agreement or overwhelming public support—ideally both,” he said.

Analysis Highlights Barriers to Euro Adoption

Dvořák expressed surprise at the findings of a National Economic Council (NERV) analysis, which identified a lack of political and public backing as the main hurdles to adopting the euro. “It’s not strictly an economic issue,” he said, referencing the analysis discussed at a recent government meeting.

STAN had proposed appointing a national euro coordinator, but the government ultimately rejected the idea. Dvořák emphasized that such a move would help focus efforts toward addressing these obstacles.

No Timeline for Adoption—Yet

Asked about a timeline for adopting the euro, Dvořák was noncommittal. “I wouldn’t dare to make any precise predictions,” he said, noting that the outcome of next year’s elections will be pivotal.

“The formation of the next government will determine whether steps toward euro adoption will be taken or if the issue will remain sidelined,” Dvořák explained.

The strongest opposition party, ANO, led by Andrej Babiš, currently opposes the euro. Meanwhile, within the ruling ODS party, opinions remain divided.

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