Czech Republic decides not to join Euro Pact.

By bne IntelliNews March 28, 2011
The Czech Republic has decided not to join the so-called Pact for the Euro that will prompt countries to further coordinate their economic policies and in return give them access to the EUs permanent bailout facility after 2013, the EU council said in a statement on its website. The other three EU members that do not use the euro and decided not to join the blocs new economic coordination pact at the EU summit on March 24-25 were Hungary, Sweden and the United Kingdom. Bulgaria, Romania, Poland, Latvia, Lithuania and Denmark backed the package that includes a set of non-binding targets for harmonising policy in a range of areas - from labour markets and retirement ages to debt and corporate taxes. Prior to the EU summit, the Czech PM Petr Necas said the major reasons for not joining the pact is that it envisages the introduction of a common corporate tax base, which would not be good for the EU, as well as the introduction of a tax on banking transactions. He also criticised the fact that the pact had been negotiated by the eurozone members without any consultation with non-members. Necax did not rule out his country joining on at a later stage.

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