Wasted Chances

Former Czech Prime Minister and leader of the Civic Democratic Party (ODS) Mirek Topolanek stated on June 25 that Prague's six-month Presidency of the EU in H109 was a 'wasted chance.' He argued that the Czech Presidency has had some notable successes, namely in brokering the US-EU Summit in April, resisting protectionism amid the recession, and pushing forward the EU debate on energy security. In the economic sphere, the Czech koruna has rallied by 12.4% since its February 17 multi-year low to trade at CZK26.06/EUR as of June 25. However, despite these recent gains, we caution that medium-term pressures will remain weighted to the downside.

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