The Croatian parliament has already approved the necessary law, and the final word will be given to member states in July, whose consent should be more of a formality. According to the commission, the other six countries, including the Czech Republic, meet only a part of the necessary conditions on the way to the common currency.
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“The European Commission has today concluded that Croatia is ready to adopt the euro on 1 January 2023, bringing the number of eurozone member states to twenty,” the EU executive said in a statement.
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In order to join the euro area, Croatia had to meet the criteria of price and exchange rate, budget deficit, public debt and long-term interest rates.
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“It will strengthen the Croatian economy, which will benefit citizens, businesses and society as a whole. Croatia’s adoption of the euro will also strengthen the euro itself, “said European Commission President Ursula von der Leyen.
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The European Central Bank said in its assessment that the Croatian economy remained sufficiently synchronized with the rest of the eurozone, although its inflation and public debt rose sharply due to the consequences of the pandemic and the Russian invasion of Ukraine.
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The enlargement of the eurozone should be supported in Brussels at the end of June by the leaders of the member states and then definitively confirmed by the representatives of the governments in the Council of the EU.
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The Czechs also pledged to adopt the euro
In mid-May, the Croatian parliament passed a law allowing the introduction of the euro from January. As early as September, prices in Croatia will start showing prices in both current kunas and euros. Both currencies should be valid for the whole of next year before only the European one remains.
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According to the annual Convergence Report published today, the Czechia is among the countries that meet only part of the criteria, as well as Poland, Hungary, Bulgaria, Romania and Sweden. According to the commission, all countries except Romania meet the requirements for the state of public finances, the Czechia together with Sweden and Bulgaria also complied with the conditions of long-term interest rates. However, only Sweden ensures adequate price stability and only Bulgaria fulfills the exchange rate criterion.
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All EU countries are obliged to introduce the euro, only Denmark has negotiated an exception. Today, almost 340 million people in the 19 Member States of the Union pay in euros.
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