Croatia is ready to become a member of the eurozone, the European Commission said on June 1, preparing the Balkan country to adopt the euro from the beginning of 2023 and become the 20th European nation to use the currency.
Once the Commission’s assessment is agreed to by EU leaders in June, the EU finance ministers will set the exchange rate at which to change Croatia’s currency (Kuna) in July, which will be changed into the euro on January 1, 2023.
Croatia will then have six months for practical planning for the currency shift. The EU executive arm said in a statement:
“Today, the European Commission has concluded that Croatia is ready to adopt the euro on 1 January 2023, bringing the number of euro area Member States to twenty.”
To adopt the euro, Croatia, which joined the EU in 2013, had to meet the criteria of price and exchange rate stability, long-term interest rates, and budget deficit and public debt, all evaluated against EU benchmarks. L8N2XO2BP
Buy Crypto NowThe Commission also analyzed its economic integration and convergence with the rest of the eurozone, including the integration of its product, the balance of payments trends, labor and financial markets, and confirmed that its central bank laws are agreeable with eurozone laws on the European Central Bank (ECB).
