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The European Union membership referendum in 2003 approved the country's accession with 77.3% in favour, and in 2004 the Czech Republic joined the EU. [6]Since joining the EU in May 2004, the Czech Republic has adopted fiscal and monetary policies that aim to align its macroeconomic conditions with the rest of the European Union.
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.
The koruna is one of the European Union's eight currencies, and the Czech Republic is legally bound to adopt the euro in the future. The official name in Czech is koruna česká (plural koruny české , though the zero-suffixed genitive plural form korun českých is used on banknotes and coins of value 5 Kč or higher).
The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743 at the time). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by ...
In 1993, on the breakup of Czechoslovakia, the Czechoslovak koruna split into two independent currencies: the Slovak koruna and the Czech koruna. Accession to the EU in 2004 meant both currencies were slotted to be replaced by the euro once their respective countries met the criteria for economic convergence and there was the political will to ...
It uses its own currency, the Czech koruna, instead of the euro. It is a member of the Organisation for Economic Co-operation and Development (OECD). The Czech Republic ranks 16th in inequality-adjusted human development and 24th in World Bank Human Capital Index , ahead of countries such as the United States , the United Kingdom or France .
Start-up packages containing the EUR equivalent of 500 Sk (€16.60 ) were sold at all post offices from 1 December 2008. The package contained 45 Slovak euro coins with nominal values from 1-cent (0.30 Sk) to 2 euro (60.25 Sk). [21] A few days before the €-day, the government spent €6.5 million to educate the public about the new currency ...
Since 2004 with the accession of the Czech Republic to the European Union, a blue European strip with the letters CZ and European stars have been added.. As of 1 January 2015, registration numbers are not changed if the owner of a vehicle moves to another region or if the vehicle is re-registered to a new owner residing in a different region.