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The Czech Republic is closely integrated with other EU countries, especially Germany. These trade, investment and other economic links are very strong and strengthen over time. Despite this, public support for adopting the euro in the Czech Republic is historically very low and has even been decreasing over time. It is lower than, say, in Sweden, where the public voted no in a euro referendum and which, like the Czech Republic, does not have a euro opt-out. Why is it so? Can and should a small open economy within the EU retain its own currency and its autonomous monetary policy? Under what conditions?
