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EUR Debate Gains Traction, CNB's Zamrazilova Says Pace Of Easing Will Depend On Inflation

CZECHIA
  • Deputy Prime Minister Marian Jurecka said that "it is very likely" that Czechia will meet the criteria for the adoption of the euro this year, adding that the government is currently debating the appointment of a person to coordinate the process. Seznam Zpravy asked all 200 members of the Chamber of Deputies about their opinion on joining the eurozone, concluding that there were two clear camps, with STAN, TOP09, Pirates and KDU-CSL in favour of the idea and ODS, ANO and SPD against.
  • CNB Deputy Governor Eva Zamrazilova suggested that the central bank could cut interest rates at a faster pace should inflation cool quicker than expected. The official signalled that the rate cuts started in December will continue this year, "depending on how inflation develops". She took note of the market's exaggerated reaction to the December cut, suggesting that it might be corrected.
  • Czechia's industrial output shrank 2.7% Y/Y in November versus -1.5% expected, while construction output went down 6.5% Y/Y. On the other hand, trade surplus expanded to CZK30.8bn versus CZK10.1bn expected.
  • The CNB will publish long-term interest rates for convergence purposes at 09:00GT/10:00CET under an obligation imposed by the Maastricht Treaty.
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