Croatia meets the criteria for joining the eurozone and is ready to adopt the euro on 1 January 2023[/B], according to the 2022 Convergence Report released by the Commission on Wednesday after the College of Commissioners meeting.
As noted in the report, Croatia meets the four nominal convergence criteria for euro membership, and its legislation is fully compatible with the requirements of the Treaty and the Statute of the European System of Central Banks/ECB.
The Biennial Convergence Report assesses the progress of the Member States that have made a legal commitment to join the euro area, namely Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, Sweden and Bulgaria.
In particular, it is noted that of the Member States covered by the report:
Only Croatia and Sweden meet the criterion on price stability,
All Member States meet the criterion on public finances, except Romania, which is the only Member State subject to an excessive deficit procedure,
Bulgaria and Croatia are the two Member States fulfilling the exchange rate criterion, and
Bulgaria, Croatia, the Czech Republic and Sweden fulfil the long-term interest rate criterion.
On the basis of the Commission's assessment, and the parallel assessment by the European Central Bank,
the Commission has adopted a draft Council decision and regulation on Croatia's entry into the euro.
The EU Council is expected to take final decisions in the first half of July, after the issue has been discussed in the Eurogroup and the European Council, and following opinions from the European Parliament and the ECB.
Source: CNA
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