ET:Impact of euro zone recession similar to 2008-09: Czech central bank Vice-Governor Vladimir Tomsi
PRAGUE: A euro zone recession would have a similar impact on the Czech economy as seen in 2008-09 when the central European county's own economy contracted by 4.5 per cent, central bank Vice-Governor Vladimir Tomsik said in a presentation on the bank's website.
Tomsik said a crisis would spread mainly via foreign trade links, while the crown exchange rate and the country's strong banking sector should act as a shock absorbers.
A low level of public debt and a certain progress in fiscal consolidation were also lowering contagion risks, Tomsik said in the presentation given at a banking conference in Prague.
