Today, the Council adopted the final three legal acts that are required to enable Croatia to introduce the euro on 1 January 2023. This completes the process in the Council which will enable Croatia to become a member of the euro area and to benefit from using the EU’s common currency, the euro, as of next year.
Croatia is the 20th EU country memeber to join the Eurozone.
One of the three legal acts sets the conversion rate between the euro and the Croatian kuna at 7.53450 kuna per 1 euro. This corresponds to the current central rate of the kuna in the exchange rate mechanism (ERM II).
“I would like to congratulate my counterpart, Zdravko Marić, and the whole of Croatia for becoming the 20th country to join the euro area. Adopting the euro is not a race, but a responsible political decision. Croatia has successfully completed all the required economic criteria and they will pay in euros as of 1 January 2023,”Zbyněk Stanjura, Minister of Finance of Czechia said.
A wide majority of EU citizens say the Euro has made easier for them doing business in other EU countries
Leaving aside Lithuania (67%) over the 70% of the national populations in each of the currently 19 EU members inside the Eurozone say that the Euro has made easier for them doing business in other Eu countries. Find here below the latest results of the Euromonitor on this point.
EU Central Bank oversees supervising Croatian financial institutions since 2020
With the entry into force of the close cooperation framework between the ECB and Hrvatska narodna banka on 1 October 2020, the ECB became responsible for directly supervising eight significant institutions and overseeing 15 less significant institutions in Croatia.
The European Central Bank (ECB) and Hrvatska narodna banka agreed to monitor developments in the Croatian kuna against the euro on the foreign exchange market until 1 January 2023.
Image over the headline.- Croatia adopts the Euro. On the image, left to right: Christine Lagarde (President ECB), Zdravko Marić (Finance Minister, Croatia), Petr Fiala (Prime Minister of Czechia, currently in charge of the rotating Presidency of the EU Council), Valdis Dombrovskis (Executive Vice President of the European Commission for An Economy that Works for People) and Paolo Gentiloni (EU Commissioner for Economic and Monetary Affairs). © European Union
Related external links:
Infographic – How EU countries join the euro area
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