Most likely, Croatia will switch to the euro in January next year. The finance ministers in the eurozone have approved this. This would make the country on the Adriatic the twentieth member of the eurozone.
The Eurogroup, a consultative body made up of eurozone finance ministers, has issued a positive recommendation. Earlier, the European Commission and the European Central Bank (ECB) did this because of the economic progress in Croatia.
The country first had to meet a number of conditions before being eligible to use the euro as a means of payment. These include the level of inflation, the budget deficit and the national debt.
“I would like to pay particular tribute to the Croatian government for its commitment and hard work to achieve this result under particularly difficult circumstances over the past few years,” said Eurogroup President Paschal Donohoe. in a press release†
Before that, some formal steps still need to be taken, but the track seems clear for Croatia to replace the Croatian kuna (HRK) with the euro (EUR). In July, the Eurogroup will meet again to look at the rate at which the kuna can be converted to the euro, after which little can stop the arrival of the shared payment method in Croatia.
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