Structural Reforms for Growth and Cohesion
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Structural Reforms for Growth and Cohesion

Lessons and Challenges for CESEE Countries and a Modern Europe

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

Effective and well-designed structural reforms are key to shaping Europe’s future in the context of the formidable challenges facing the continent today. This book examines the achievements and failures of past structural policies so that future ones can be adapted to address remaining and newly emerging challenges with greater success. Highlighting the social aspects and distributional effects of reforms that go beyond liberalization and deregulation, the book covers key issues facing future Europe, particularly those arising from technological innovation.
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Chapter 12: Ensuring monetary and financial stability in the Czech Republic

Jiří Rusnok


Gradual rise in inflation in 2014–2016 and further acceleration of inflation pressures in late 2016 and early 2017 created the conditions for fulfilling the Czech National Bank’s inflation target on a sustainable basis. At the beginning of 2017, the continuation of exchange rate commitment was no longer necessary. The exit from the commitment in April 2017 was the first step towards normalizing monetary policy, that is, towards using interest rates as the main instrument again. The second half of 2017 witnessed two repo rate increases, namely at the start of August and November. Overall, financial conditions are gradually becoming more restrictive, not only through increasing interest rates and appreciating koruna but also through macro-prudential tightening. The policies are thus quite consistent and not only act countercyclically, but also safeguard financial stability.

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