David Král argues in a new commentary that the refusal by Czech Prime Minister Petr Nečas to sign up to the fiscal treaty agreed by 25 other member states will have repercussions both on the country's domestic scene as well as on its standing within the European Union.

In light of the threats by Iran to close the Strait of Hormuz and thus foreclose access to oil shipments representing over 20% of global consumption, CEPS is highlighting a highly prescient paper we published last year that considered precisely this scenario, concluding that such action would be only partial and temporary but stressing the importance of emergency preparedness and mitigation measures.