Czech Republic
Czech Republic chooses not to set target date for euro adoption
Government decision follows central bank and ministry of finance advice; authorities cite need for greater real economic convergence as a ‘main barrier’ to adoption
Researchers find ‘strong evidence’ of ECB policy spillovers to CEE countries
Working paper examines the spillover effects of the ECB’s ‘non-standard’ measures since 2007 on the Czech Republic, Hungary, Poland and Romania
CNB’s Miroslav Singer on transparency, China and Basel III
The governor of the Czech National Bank speaks to Christopher Jeffery about transparency challenges, lifting exchange controls, China's slowdown and flaws in Basel III.
Czech governor casts doubt on Basel III
Miroslav Singer says he is ‘very sceptical’ about the shift from the second Basel accord to the third in an interview with the Central Banking Journal
Czech exchange commitment will ‘probably’ run beyond July 2016
Czech National Bank likely to use exchange rate as a monetary policy tool until July 2016 or later; formal extension and negative interest rates discussed but judged unnecessary
CNB faces strategy dilemma when it comes to ending exchange rate floor
Vice governor Mojmir Hampl says the Czech National Bank faces dilemma when it comes to removing its FX floor as it does not want to shock markets; communication will be key
Czech board expects strong growth showing
Board members at the Czech National Bank caught off guard by strong growth in first quarter, minutes show, but expect stronger-than-forecasted growth for rest of year
Czech vice-governor questions case for joining banking union
Mojmír Hampl considers the pros and cons of the Czech Republic joining the SSM; government adopts a ‘wait-and-see approach’ and will review the issue every 12 months
Czech director: US dollar helps compensate for impact of oil prices on CEE countries
Luboš Komárek discusses the outlook for Central and Eastern European countries, including the favourable outlook for Germany, which is a "crucial trade partner" for many in the region
Czech paper examines link between financial variables and macroeconomy
Financial variables ‘particularly relevant’ in explaining Czech macroeconomic developments in the lead-up to and during downturns, researchers find
Czech National Bank advises against joining ERM II in 2015
Central bank says the government should not set a target date for entry into the eurozone; raises concern over pace of economic convergence and costs of joining
Czech banks ‘resilient’ to adverse shocks
Latest stress tests conducted by the Czech National Bank finds the country’s banking sector is ‘sufficiently resilient’ to shocks, including a ‘sizeable decline’ in economic activity
Czech currency intervention and forex reserves
Michal Skorepa and Mojmír Hampl explain how the Czech National Bank’s activities have directly and indirectly affected the value of the koruna, including the impact of direct interventions in 2013
Czech economy generating ‘noticeable inflationary pressures’
Czech National Bank board members point to ‘rapid’ rise in wages as indicator of inflationary pressures, but remain concerned by price developments in the eurozone
IMF deems Czech exchange rate floor appropriate ‘for now’
Latest staff report commends CNB’s decision to intervene in foreign exchange market; supports the floor but says it should be removed ‘as soon as conditions allow’
Firm-level characteristics affect monetary policy transmission, Czechs find
Working paper finds firm-specific characteristics like size, age, collateral and profit, affect the way in which monetary policy changes are reflected in the external financing decisions of firms
Czech banks could ride out recession plus deflation, central bank says
The Czech financial sector is exposed to bond volatility but banks have sufficient buffers to survive a ‘strong recession accompanied by deflation', financial stability report says
Czech National Bank calls for research on 'priority topics'
Topics include potential improvements to inflation targeting framework and the issues related to euro adoption; Bank of Estonia also launches research award
Czechs discuss appropriate capital requirements for Sifis
Paper sets out the range of indicators that could be used, and the advantages and disadvantages of focusing on an individual or consolidated level
Czech paper examines strength of link between financial and real sectors
An expansion of credit from banks ‘supports industrial production' in small open economies such as the Czech Republic, working paper finds
Czech paper deconstructs exchange rate variability in advanced economies
Researchers find that economic fundamentals are only responsible for a third of the medium-term exchange rate variability, although this increases when the euro is involved
People: Former PM joins Czech central bank; Bank of Canada appoints ‘special adviser'
Czech National Bank replaces outgoing board member with man who was Prime Minister until last week; Canada appoints special adviser with financial system expertise
Global crisis weakened monetary policy transmission, Czech paper shows
New research from the Czech National Bank studies the transmission of monetary policy through different channels, finding it works as expected but was weakened in the financial crisis
Czech central bank starts targeting exchange rate
Czech National Bank finally says it will start intervening in the forex market, a year after it cut rates to the zero lower bound; Czech koruna almost hits target level straight after announcement