Once the Commission’s assessment is approved by EU (EU) leaders in June, EU finance ministers will set in July the exchange rate at which Croatia’s kuna will be converted into euros on January 1, 2023.
Croatia will then have six months to prepare for the currency exchange.
“Today (Wednesday), the European Commission has concluded that Croatia is ready to adopt the euro on January 1, 2023, bringing the number of eurozone member states to twenty,” the commission said in a statement.
In order to adopt the euro, Croatia, which has been a member of the EU since 2013, had to meet criteria regarding price and exchange rate stability, the budget deficit and public debt and long-term interest rates, all measured against the EU reference values. EU.
The Commission also examined Croatia’s economic integration and convergence with the rest of the euro area, including balance of payments trends and the integration of its product, labor and financial markets, and examined whether its central bank laws were compatible with eurozone laws. on the European Central Bank area.
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