Final Word from Monday, April 22, 2002





The small textile firms that launched the Trutnov Appeal got favorable press when they called on the cabinet and Czech National Bank to halt the appreciation of the crown. But when they spoke last week about pegging fixing the crown to the euro, which was not in their original declaration, their credibility plummeted. Economists agree that this was nonsense. Volksbank, for example, said it's a very dangerous tendency. Another analyst said that, under its current international obligations, the CR has no way to take administrative action against the crown. All the CNB can do is either physically intervene, which increases the money supply, or try to talk down the currency. The CNB's recent comments about a speculative bubble haven't had a lasting effect. With more planning, the Trutnov Appeal could have helped reverse the crown's direction.

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