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Gov't Advisers Call For Smart Fiscal Savings, CNB's Zamrazilova Says Key Rate Should Stay At 7%

CZECHIA
  • Seznam Zpravy recapped comments from several economists sitting on the government's advisory panels amid the ongoing debate on how to reduce fiscal spending. The National Economic Council's Libor Dusek and and Ales Rod pointed to the need to seek "smart savings," while the Czech Fiscal Council's Petr Musil noted that the government should also focus on strengthening the revenue side of the budget. Their comments came after former Finance Minister Miroslav Kalousek caused a stir by calling for "blunt across-the-board spending cuts."
  • In a weekend interview with E15, CNB Deputy Governor Eva Zamrazilova reiterated her familiar views on monetary policy, noting that keeping the main interest rate at the current level of 7% should be sufficient for taming inflation, albeit monetary settings will likely need to stay tight for longer. She dismissed the possibility of bringing inflation to the target by "some short, dramatic intervention," as various imbalances have been accumulating in the economy for some time.
  • Sentiment in the Czech economy improved to 4.8 this month from 1.2 prior amid improvement across both business confidence (to 10.1 from 6.9) and consumer confidence (to -16.3 from -21.5).
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