LUXEMBOURG (Reuters) – Euro zone finance ministers backed on Thursday Croatia’s bid to undertake the euro, clearing one more hurdle on the way of the Balkan country to grow to be the 20th member of the currency space from the get started of 2023.
“I am extremely pleased to announce that the Eurogroup agreed these days that Croatia fulfils all the required situations to undertake the euro,” mentioned Paschal Donohoe, President of the Eurogroup, which delivers together the finance ministers of euro zone nations.
The European Fee mentioned on June 1 that Croatia was ready to sign up for. With the finance ministers’ backing on Thursday, Croatia’s membership will now have to be accredited by EU leaders upcoming week.
EU finance ministers will then established in July the exchange amount at which Croatia’s currency, the kuna, will be converted into the euro on Jan. 1, 2023, supplying the region 6 months for sensible preparations for the currency swap.
To adopt the euro, Croatia, a member of the EU because 2013, experienced to fulfil criteria of price and trade charge security, spending budget deficit and general public credit card debt and extended-phrase curiosity costs, all calculated towards EU benchmarks. [L8N2XO2BP]
The Commission also examined its economic integration and convergence with the rest of the euro zone, which includes stability of payments traits and the integration of its solution, labour and monetary markets and verified that its central lender rules are suitable with euro zone guidelines on the European Central Lender.
(Reporting by Jan Strupczewski further reporting by Francesco Guarascio Enhancing by Gareth Jones)