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President & FinMin Discuss Fiscal Matters, Unemployment Rate Slips

CZECHIA
  • President Petr Pavel meets with Finance Minister Zbynek Stanjura this morning to discuss the government's fiscal consolidation package. The finance chief is scheduled to hold a press conference thereafter. The austerity measures will reportedly be unveiled to the public on Thursday alongside proposed changes to the pension system. Cutting pandemic-era budget deficits has been one of the primary goals of the incumbent administration, while the CNB last week warned that in the absence of credible fiscal consolidation it might need to raise interest rates.
  • Seznam Zpravy reports that the main opposition ANO movement have requested the exclusion of Constitutional Court head Pavel Rychetsky from a review of a bill slowing the indexation of pensions. ANO attached the request to their constitutional complaint citing doubts about Rychetsky's impartiality. Head of the Constitutional Court said in an interview in March that he would consider factors such as the stability and functioning of the pension system while reviewing the bill. Given that Rychetsky's term expires in August, it is likely that the Court will only issue a ruling on the bill after that.
  • Czechia's unemployment rate ticked lower to 3.6% in April from 3.7% prior, in line with the consensus call. The number of vacancies was almost unchanged at 284,500. According to the latest available data from Eurostat, Czechia had the lowest jobless rate in the European Union in March. A very tight labour market has been another factor pushing the CNB in the hawkish direction.
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