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Of all of the former-communist states in Eastern Europe the Czech Republic has perhaps had one of the most interesting and promising transformations to a market-system economy Until a currency crisis in 1997 the Czech Republic was considered a role model transforming Eastern European nation During the years that followed the Velvet Revolution the Czech Republics economy flourished reporting very impressive data and employment statistics However the good times did not last and the economy has struggled in recent years Today while the economy continues to recover from its downturn in the late 1990s the Czech Republic remains one of the most interesting Eastern European economies The Czech people are determined to return the republic to its pre-WWII position as a genuine European power In the mid 1990s the outlook for the Czech Republic was very bright The Czech Republic was considered to be a notable political and economic success story among the former East Bloc nations boasting a stable currency low unemployment low national debt relatively low inflation and strong foreign currency reserves For almost every after since 1989 when Czechoslovakia gained its freedom its GDP had grown Levels of unemployment were surprisingly very low Robert J Gitter writes in 1995 not only was the Czech unemployment rate less than half of every other former Eastern bloc nation but it was even lower than those of the major European economies and the United States and stood second only to the Japanese employment rate In 1990 the Czechoslovakian crown was devalued and then pegged to a dollar-dominated international basket of currencies making Czech products more competitive in international Western markets Though output fell for several years after 19 89 the economy remained stable and its outlook remained promising The Czech government was eager to begin the process of rapid privatization Dryzek 32 Beginning in 1990 the Czech Republics government began an aggressive economic policy laid out by the Finance Minister of the
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