Croatia on course to adopt the euro after European Parliament gives the green light

Croatia is set to adopt the euro as its currency as from 1 January 2023

Croatia is set to become the 20th member of the eurozone
Croatia is set to become the 20th member of the eurozone

MEPs have voted in favour of Croatia becoming the 20th member of the eurozone as from 1 January 2023.

With 539 votes in favour, 45 votes against and 48 abstentions, the European Parliament adopted the report stating Croatia fulfils all the criteria for adopting the euro currency.

The report noted that, despite the evaluation of Croatia’s readiness taking place against the backdrop of the COVID-19 pandemic, high inflation, and Russia’s war against Ukraine, Croatia continues to be ready to adopt the euro.
MEPs also stated that Croatia already has a higher level of price convergence with the eurozone compared to other member states on their adoption of the euro. Nonetheless, Parliament expects sustained efforts from the Croatian government to ensure further price convergence and that the introduction of the euro does not lead to artificial price increases.

“The reforms undertaken by the Croatian Government in the last years have strengthened the economy and paved the way for Croatia joining the common currency. It is clear that becoming a member of the euro is the right decision for the country, its businesses and citizens, as well as various sectors of its economy, such as tourism,” Mureșan said.

"The adoption of the euro by Croatia shows that the single currency is a stimulating and solid project that guarantees greater security and stability for citizens," Margarida Marques, chair of the EP's euro working group said.

Parliament’s opinion will be forwarded to Eurozone member states who are responsible for giving the final clearance for Croatia to adopt the euro.

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