Czech president refuses to sign law on central bank but will not veto it

The president of the Czech Republic, Vaclav Klaus, has announced that he will not sign the amendment law on the status of the central bank. However, he will also not veto it.

According to Klaus, the bill was just another attempt to restrict the autonomy of the institutions of the Czech polity. He criticised that the bill – which introduces several amendments in order to integrate it into the European system of financial oversight – continued a trend among Czech lawmakers to adopt European legislation without discussing its long-term consequences.

Klaus declared he would not sign the bill but neither would he send it back to parliament for reconsideration (i.e. veto it). Therefore, the bill will still come into effect but the president can claim that he was not involved in passing it.

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