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Pavel & Stanjura To Discuss Budget Matters, President Comments On EU Decision-Making Rules

CZECHIA
  • President Petr Pavel will meet with Finance Minister Zbynek Stanjura to discuss the government's fiscal consolidation package and the draft 2024 budget. The two officials are expected to hold a press briefing at 11:00BST/12:00CEST. Earlier this week, the austerity measures were praised by the government's key economic advisers from the National Economic Council (NERV) and the Czech Fiscal Council (CFC).
  • President Pavel said in a speech that EU member states "must be ready to consider various proposals in the domestic debate on how to modify the EU decision-making process, including the transition to qualified majority voting in some areas". His suggestion to limit the veto power of member states has drawn criticism from both the coalition and the opposition.
  • The Czech central bank stops paying interest on mandatory reserves from today, which may cost lenders up to CZK10bn per month. The decision to cancel remuneration of required minimum reserves (RMR) was announced at the beginning of September, applying pressure to local banking stocks.
  • The CNB will release data on the changes to its balance sheet in the 10 days through September 30 at 12:00BST/13:00CEST.
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