TNBiz (TNBiz)
Czech republic  |  September 16, 2010 15:01:02

Kalousek: Politicians wrongly interpret the Maastricht criteria


PRAGUE (MEDIAFAX) - The cause of the structural deficit of the Czech economy is the wrong interpretation of the Maastricht criteria. The Žofín Forum said Finance Minister Miroslav Kalousek (TOP09).

According to Kalousek's Maastricht criteria of sustainable public deficit below three percent of gross domestic product. Thus, the Czech Republic at the time of extraordinary economic growth to farm with a deficit of three percent of GDP, according to Kalousek actually violated the Maastricht criteria.

"If we have a deficit of six per cent growth of two percent, and we say that it's okay, we're lying to yourself and in your pocket. Because then when the economic slow down at once, we have a deficit of six percent, "said Kalousek.

According to Kalousek, the Czech economy benefited from the crisis precisely because it revealed a structural deficit of the Czech economy, which in previous years masked an extraordinary economic boom.

"The crisis can strengthen us that we take a clear lesson in the phenomenon, which uncovered. The state is unable to manage their regular income, so that they did not have to borrow for regular expenses, "Kalousek said, with the growth of mandatory spending in the past was much faster than the speed at which grew revenues of the state budget. Czech Republic, according to Kalousek in very good condition and therefore has to take the necessary systemic reforms enough time, however, be implemented. The relatively strong condition of the Czech economy is given by the Minister, among others, by the Czech Republic has not adopted the euro.

"The question is what to do with the euro area. The euro became the currency stable, but it was in the boom times of emergency. The euro area is experiencing the first great crisis, "said Kalousek. Concerning the future development of the Eurozone, according to Kalousek two options: Either will set stricter criteria or leaving some euro area countries.

"Each room to have a single currency, the regulator must have private money by the central bank. A regulator must also have public money the Treasury, "Kalousek said, with the regulator's role in the euro area public finances partially substitute for the Maastricht criteria. The problem they see in their compliance and misinterpretation in some states. As long as the future single European currency is clarified, according to Minister of Finance does not make sense, considering that the Czech Republic about the introduction of the euro.

Jan Otava,

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Kalousek: Politici špatně interpretují maastrichtská kritéria

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