President Zeman says low crown policy not in long term interest of exporters

Czech president Miloš Zeman has warned that while the low crown regime of the Czech National Bank might have short term gains for exporters, there might also be a longer term cost. The low crown encouraged laziness, a lack of innovation, and improved productivity, Zeman warned. He added that the Czech Republic should not compete abroad on the basis of its low cost workforce but on their skills and education. He added that small countries could not afford to take the moral high ground when negotiating export contracts.

Author: Chris Johnstone