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Police financial crime unit to begin work. Bankruptcy-fraud ring under investigation. Current account deficit deepens. American-style mortgages.

Initial enthusiasm in Central Europe for quickly adopting the euro has cooled in recent weeks. In part, this is because governments in the region are reluctant to quicken the pace of reforms and rein in their budget deficits in order to meet the preconditions for eurozone entry. Another factor is that the European Commission is very unlikely to take disciplinary action against the new EU member states. Brian Kenety reports.

Record-high industrial output. Eurotel head resigns. Czech Republic an "emerging market" under new S&P index.

Welcome to Economics Report. Coming up later in the programme, we'll examine whether the Czech lion can - or should even try - to roar like a Celtic tiger. But first, here's Daniela Lazarova with the latest economic news.

The Ministry of Finance has revised its macroeconomic forecast. The Czech parliament has overturned a presidential veto of a new law on Value Added Tax. The Czech government has agreed to sell the country's biggest downstream oil group Unipetrol to Poland's PKN Orlen. World Bank experts are coming to help the Czech Republic with a reform of the country's health sector. News from the car market - prices on the decline, Skoda to launch new mini model. Five percent of Czech households and companies have problems with repaying their loans and over

The Czech National Bank has called on the government to step up its efforts in cutting the country's growing debt to avoid future crisis. The government has once again postponed a final decision on a new bill on property declarations. The Finance Ministry expects the 2004 budget gap to drop below 6 percent of GDP. The Prague Stock Exchange is to experience the first IPO since it was established 14 years ago. A government commission has recommended 25 projects for the post-war reconstruction of Iraq. The Czech National Bank has reported an increased

Czech President Vaclav Klaus has vetoed a new law on VAT, a move that may complicate Czech trade with fellow EU members after May 1st. The World Bank has encouraged EU newcomers joining next month to adopt more economic reforms. The Czech National Bank has changed its strategy of managing foreign exchange reserves. The inflation rate has quickened to its fastest annual pace in nearly two years.

Changes are in the pipeline for both the employed and unemployed - a new Labour Code is being processed and parliament has passed a new bill on employment policies. The European Commission has expressed serious worries about the state of Czech public finances, and the heads of the largest Czech banks and the prime minister have agreed on the need to strengthen creditors' rights by streamlining bankruptcy procedures. The Trade Unions warn against already excessive and rapidly growing household indebtedness. The Finance Ministry is reportedly seeking

The Czech Republic's foreign debt grew by 81 billion in 2003 to 894 billion. Anti-monopoly office fines three largest Czech bakeries for cartel. The Czech government offers US company Boeing 1 crown for its stake in troubled Czech aircraft maker Aero Vodochody. Czech civil servants threaten to go on strike after the government decided to significantly reduce their special end-year bonuses. The Industry and Trade Ministry decides to review a project in support of Iraq because of the involvement of a former communist secret police agent. The Czech Republic

The Czech foreign trade balance last month reached its highest monthly surplus in a decade. The government has announced the privatisation of two coalmining companies. The telecommunications regulator has cut fixed-to-mobile interconnection rates. The number of tourists visiting the Czech Republic was up last year, while the number of bankruptcies was down. A poll suggests few Czechs will go choose to work in other EU countries after accession. And the governor of the Czech National Bank has called for changes in euro adoption criteria.