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Hospodářské noviny - Czech Republic | Thursday, November 27, 2014

Prague can learn frugality from Berlin

Chancellor Angela Merkel told the German Bundestag on Wednesday that the country would have a balanced budget in 2015 for the first time in 46 years. The liberal business paper Hospodářské noviny is full of praise: "It was Germany of all countries that - together with France - for the first time violated the Stability and Growth Pact as a result of its excessive deficit. Now this Germany is the only EU country to have a balanced budget. Thanks to its labour market reforms, its prompt reaction to the financial crisis and its focus on new technology. ... The Czech Republic is currently planning a budget with a high deficit. Instead of thoroughgoing reforms, it's using the weakness of the koruna as a buffer for exports. And it's relying on Germany, on which it depends as a trade partner. Perhaps we should wait for the Germans to get our budget back in shape too."

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