Vliv kurzového rizika na přeshraniční podnikání malých a středních firem

Abstract

In referendum deciding about the Czech entry into European Union, Czech people voted also on Euro implementation apparently without any notice. The date of The Monetary union entry of Czech Republic is still discussed. As a result of the present real economic recession, a number of states are unable to fulfill the Maastricht convergence criteria. Czech Republic has problems with price level and as a result of unreformed public finance until now it can be expected, that Czech Republic won’t be able to fulfill even the government deficit criterion. The SME’s are an important part of domestic economic. Their competitive strength on EU’s internal market is affected among others by the rate of Czech crown. It is a high-cost operation to safe the exchange risk by financial derivates and due to this matter of fact also for most of the SME’s it is unavailable. Most of the Czech small and middle-sized enterprisers don’t care that much about any solution of this problem and instead they put their cash flow at risk for exchange risk.