The Czech finance ministry has drafted a constitutional law to put a ceiling on the public debt, CTK newswire reported. The bill, which is awaiting government approval, envisages the government to b required to present at the lower house of the parliament measures to cut the dept if it exceeds 40% of economic output. If the debt reaches 45% of GDP, the cabinet will have to cut at least 3% of the budget spending planned for the current year and if the debt exceeds 48% of GDP the government will have to propose a balanced or surplus budget for the next year. The cabinet will be obliged under the law to ask for a vote of confidence at the parliament if indebtedness hits 50% of GDP. The Czech Republic's state debt last year accounted for 41.2% of the GDP, well below the EU's 60%-ceiling and about half the EU average. The bill, called the Financial Constitution, should take effect as of 2014. It envisages also stricter budget rules for self-governing regions and the establishment of a five-member National Budget Council that will monitor the development of public finances and evaluate it. |
Social Democrats (CDDS), the major Czech opposition party, proposed next year's general and European elections to be held on the same day, CTK news agency reported. CSSD leader Bohuslav Sobotka ... more
The Czech unit of UK retailer Tesco faces a fine of up to CZK 3mn (EUR 116,000) for selling beef lasagne containing undeclared horsemeat, Radio Prague reported. The state-run Agricultural and Food ... more
The upper house of the Czech parliament, the Senate, voted on March 20 a constitutional amendment to limit the immunity of lawmakers and constitutional judges, Radio Prague reported. Out of the ... more