Czech President Petr Pavel announced imminent concrete steps towards adopting the euro as his country's currency in his New Year’s speech on Sunday.
The announcement came nearly two decades after the Czech Republic pledged to adopt the euro when it joined the European Union in 2004, although no final adoption date was specified.
"The time has come, after many years, to start taking concrete steps that will lead us to fulfill this commitment,” President Pavel said.
"Despite endless discussions about the advantages and disadvantages of the euro, for a country with an open and export-oriented economy, located in the heart of Europe, a common currency is a logical future," he added.
The Czech Republic still has its own currency, the koruna. Seven other EU Member States also do not use the euro as their national currency: Bulgaria, Croatia, Denmark, Hungary, Poland, Romania and Sweden
