Economics
Euro Appeal Dims for Babis as Koruna Cap Revs Up Economy
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After eight months of watching a cap on the Czech currency revive the moribund economy, the country’s finance minister says he’s willing to bide his time before ditching the koruna in favor of the euro.
The Czech Republic is benefiting from having its own currency and doesn’t need to rush to adopt the euro before 2020, said Andrej Babis, the second-richest Czech with a fortune estimated at about $2 billion. The budget isn’t in shape for the switchover even as the government pledges to keep the fiscal deficit below a European Union-mandated ceiling of 3 percent of economic output.