Final Word from Thursday, November 30, 2006
The Economist wrote that in the absence of a proper government, witty people say it is Czech National Bank Gov. Zdeněk Tůma who is running the country. Where, pray tell, does The Economist get its information? Heck, Tůma isn't even running the Czech National Bank. Václav Klaus has filled the board with people who share his views, and all Tůma can do is put on a sour face. Commentators have been highly critical of Klaus for molding the CNB in his image. Some fear it will mean a delay in adopting the euro well into the next decade. Others are concerned about capital-markets oversight. The criticism is premature, though. Few of these commentators can point to anything the CNB should, or could, be doing differently. Tůma himself is in the best position to judge. If Klausonomics becomes an issue, he should speak out. And if he's unable to control it, he can resign in protest.[Czech Republic president central bank]