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Eurozone Countries Recommend That Croatia Adopts Euro Currency From Next Year

The Eurogroup endorsed a recommendation from eurozone member states to the European Council, including a proposal that Croatia should introduce the euro on January 1, 2023, instead of the Kuna, less than a decade after the country joined the European Union.

According to an announcement published by the Council of the European Union, ministers agreed with the positive assessment of the Balkan country’s fulfillment of the convergence criteria, previously mentioned by the European Commission as well as the European Central Bank, reports.

In this regard, the President of the Eurogroup, Paschal Donohue, welcomed the announcement, adding that he was very happy to announce that the Eurogroup had agreed that the country fulfilled all the necessary requirements for the adoption of the euro.

“This is a critical step on Croatia’s path to becoming the 20th member of the eurozone as well as a strong signal of European integration. I would like to particularly commend the Government of Croatia for its commitment and hard work to achieve this outcome over the past few years, under particularly difficult circumstances,” Donohoe noted in this connection.

The announcement of the Council of the European Union provides for the adoption of the recommendation by the Ecofin Council at the meeting that was scheduled to take place on 17 June. In addition, the Council of the European Union is also expected to endorse a letter from the Council President Ecofin of the European Council. Thereafter, the Council will discuss the matter at the meeting scheduled for June 23-24.

“The process will end with the Council adopting (after consulting with the European Parliament and the European Central Bank) three legal acts necessary to enable Croatia to introduce the euro on January 1, 2023. The adoption of these laws is scheduled to take place in July,” the statement read.

According to the Executive Vice President of the European Union, Valdis Dombrovskis, Croatia has met all the conditions to be part of the single currency.

At the same time, Ursula von der Leyen, President of the European Commission, said that Croatia’s accession to the single currency would boost the country’s economy, bringing more benefits to its citizens and businesses, as well as society as a whole.

The EU Commission President stressed in this regard that “Croatia’s adoption of the euro will also make the euro stronger,” as reported by Voice of America.

It was reported that Bulgaria is the next country in order to join the euro, although it is ready for adoption from January 1, 2024.

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