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Constitutional Court Rules On Pension Reform, Consumer Confidence Improves

CZECHIA
  • Czechia's Constitutional Court will rule on the government's pension reforms today at 12:00GMT/13:00CET. The legislation reduced automatic pension growth and was part of efforts to reduce ballooning fiscal deficits. The main opposition ANO party filed a lawsuit with the top judicial body on procedural grounds, pointing to the government's decision to introduce the changes without any transitional period and accusing the ruling coalition of fast-tracking the debate in the Chamber of Deputies in violation of the rules of procedure.
  • Local media outlets circulated reports suggesting that PM Petr Fiala is not the only government official with link to a controversial credit union and the affair may not be limited to his asset declaration error. The obscure union, one of the smallest financial institutions in the country, reportedly offered special services to senior ODS officials.
  • Consumer confidence in Czechia improved this month, with the relevant index rising to 91.2 from the revised 85.4 prior. This was offset by a drop in business sentiment to 92.7 from the revised 95.5, with the aggregate economic confidence gauge slipping to 92.5 from 93.8 as a result.
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