While financial experts say they country could sign up as the general conditions are right, leader Milos Zeman has said that the people are against the move.
He said: “We have been fulfilling the Maastricht criteria, but there is a mental barrier to its adoption. A mere 30 per cent of Czechs are in favour of entering the eurozone.”
The governor of the Czech Republic’s central bank, Jiri Rusnok, has also said that the country is ready to adopt but added that it might be better to wait until wages and prices approached those of the bloc’s core members.
According to Mr Rusnok, the Czech Republic is ready to give up the koruna but many believe it will not happen for at least five to 10 years.
He added while wage rises in some of the leading European economies are almost zero, the average salary increase in the Czech Republic is currently around five per cent.
Currently the nominal rate of wages rises in the country was 5.3 per cent in the first half of the year with average wages equivalent to €10 an hour.
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