According to a final evaluation by the European Commission, Croatia meets the requirements for the adoption of the single currency, the euro. As the Brussels authorities announced on Wednesday, the pending EU decisions on the switchover can be taken. Croatia plans to replace its national currency, the kuna, with the euro from January 1 next year.
This makes Croatia the 20th EU member state to adopt the single currency. In 2015, Lithuania was the last country to be admitted to the euro area group. Croatia has been trying to meet the eligibility criteria for years. The country on the Adriatic Sea has been part of the European Union since 2013.
“Not even ten years after joining the EU, Croatia is now ready to join the eurozone on January 1,” said European Commission President Ursula von der Leyen of the decision. This will strengthen the Croatian economy and bring benefits to citizens, businesses and society as a whole. The introduction of the euro in Croatia will also strengthen the euro as a whole. She congratulated Prime Minister Andrej Plenkovic on Twitter.
Fear of rising cost of living
In Croatia, tourism in particular is looking forward to the introduction of the euro with great expectations. The country with the long Adriatic coast, the many picturesque bays and islands, lives heavily from tourism. At the same time, many people fear that the cost of living could rise sharply as a result of the switch to the European single currency.
The Council of the 27 EU member states will take the formal decision on the introduction of the euro in Croatia in the first half of July. However, according to the clear assessment of the European Commission, no difficulties are to be expected.
Obligation to participate in the euro
Under EU treaties, all Member States except Denmark are obliged to join the single currency once they meet the requirements. However, several countries, including Sweden and Hungary, do not elaborate on this.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
