Croatia is ready to join the eurozone, the European Commission said on Wednesday, paving the way for the Balkan country to adopt the euro from early 2023 and become the 20th European country to use the currency.
Once the Commission’s assessment is approved by EU leaders in June, EU finance ministers will set the exchange rate in July at which the Croatian currency, the kuna, will be converted into euros on 1 January 2023.
Croatia will then have six months for practical preparations for the currency change.
“Today, the European Commission concludes that Croatia is ready to adopt the euro on 1 January 2023, bringing the number of euro area member states to twenty,” the EU chief executive said in a statement.
To adopt the euro, Croatia, an EU member since 2013, had to meet criteria for price and exchange rate stability, budget deficit and government debt and long-term interest rates, all measured by EU benchmarks.
The Commission also examined its economic integration and convergence with the rest of the euro area, including its balance of payments and product, labor and financial markets trends, and verified that its central bank legislation was compatible with eurozone legislation for the European Central Bank.
Source: Capital
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