Green Light for Croatia to Join Eurozone

by Cristian Florescu

The Members of the European Parliament have voted in favour of Croatia’s bid to become a member of the eurozone, with the decision being fully implemented by next year, writes

According to a press release issued by the European Parliament, with 539 votes in favour, 45 against and 48 abstentions, Croatia has been estimated as eligible to adopt the euro, starting on January 1, 2023.

The report of Siegfried Muresan, which states Croatia meets all the required criteria, also points out the country’s readiness to participate in the eurozone; despite the COVID-19 pandemic, high inflation, the Russian invasion of Ukraine, Croatia maintains its consistency in adopting the currency.

“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,” Croatia’s rapporteur Siegfried Mureșan said.

He also noted that Croatia becoming the 20th member is also positive for the European Union as it shows the viability and trust in the common currency, which is adopted all throughout the EU.

As the Chair of the EP’s euro working group, Margarida Marques, said, Croatia’s accession to the single currency planned out for next year is the second-most notable European integration process since Brexit and paves the way for further enlargement of the euro in the region. When European values are being challenged at the EU’s borders, this serves as a clear sign of unity, integration and a contribution to the strength of the euro as a global currency.

Currently, Croatia uses the Croatian kuna, which is equal to €0.13, being one of the weakest currencies. In the EU, there are also countries that haven’t adopted the euro as their currency, with those being as follows:

  • Bulgaria (€1 equals 1.96 Bulgarian Lev)
  • Czechia (€1 equals 24.75 Czech Koruna)
  • Denmark (€1 equals 7.44 Danish Krone)
  • Hungary (€1 equals 409.16 Hungarian Forint)
  • Poland (€1 equals 4.76 Polish zlotych)
  • Romania (€1 equals 4.94 Romanian Leu)
  • Sweden (€1 equals 10.80 Swedish Krona)

Parliament’s opinion will be further discussed with the other Eurozone member states who are responsible for giving the final decision for Croatia to adopt the currency.

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