Adopting the Euro in The Czech Republic

As of 1 May 2004 the Czech Republic along with Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia, became a member of the European Union (EU). Since joining the EU, these countries have been granted the status of Member State with a derogation, which means they will not immediately adopt the euro. Upon accession, the central banks of new members became a part of the European System of Central Banks (ESCB). However, they will not participate in monetary-policy decision-making on a European scale until they adopt the euro