Connect with us

Hi, what are you looking for?


Euro area grows to 20 members as Croatia joins

EU finance ministers today gave the final nod of approval for Croatian membership of the euro area, enabling it to adopt the single currency from January 2023 on.

“The fact that Croatia will become 20th member of European Monetary Union area is also a clear signal that European integration is ongoing despite all the challenges that we are facing,” said Zdravko Marić, the outgoing Croatian finance minister.

Today’s formalities complete the years-long accession procedure, which requires countries to comply with a number of criteria such as price, exchange rate and interest rate stability, as well as budgetary discipline and a ban on monetary financing.

Croatia will also gain a seat at the table of the European Central Bank’s Governing Council — as an observer from September on, and as a fully fledged member in January.

“It’s a wonderful club to be a member of, but it requires commitment, dedication and continued respect of the rules, and we know we can expect no less from Croatia,” said ECB President Christine Lagarde.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Foreign Policy

Press play to listen to this article BERLIN — Europe’s proposal to resuscitate Tehran’s nuclear deal with world powers would blunt American sanctions against...


The Russian central bank forecasted that the country’s economy will shrink by between 4 percent and 6 percent this year and by between 1...


Press play to listen to this article ROME — Italy’s right-wing parties are poised to abandon anti-EU politics, according to a leaked blueprint for...


In a major blow to China’s diplomatic efforts in Europe, Estonia and Latvia on Thursday quit China’s exclusive club for engaging with Central and...


LONDON — British business groups are today warning the U.K.’s trade chief to pump the brakes on trade talks with India or risk leaving...


LONDON — China’s ambassador to the U.K. has been hauled into the Foreign Office for crisis talks over Beijing’s “aggressive and wide-ranging escalation” in...


William Nattrass is a freelance journalist and commentator based in Prague. It was never going to last.  Though Russia’s invasion of Ukraine brought about...


Press play to listen to this article KYIV — Blasts that rocked a Russian military airfield in forcibly annexed Crimea signal the start of...