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Eurogroup Approves Croatia’s Entry into Eurozone

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Eurozone finance ministers, meeting in their monthly Eurogroup meeting, endorsed the European Commission’s proposal to allow Croatia to join the eurozone.

 

The Eurogroup’s approval is another step towards Croatia’s accession on 1 January 2023. The Commission issued a recommendation to that effect at the beginning of June because it believes Croatia meets all the criteria.

For example, Zagreb has the government debt and budget deficit under control and also respects all conditions regarding inflation, a stable exchange rate and long-term interest rates. The European Central Bank also spoke out in favour of expanding the eurozone to include Croatia.

“I am very pleased to announce that the Eurogroup agrees that Croatia meets all the conditions to adopt the euro,” Eurogroup president Paschal Donohoe said on Wednesday. “This is a crucial step for Croatia (…) and a strong signal for European integration.”

On Friday, the finance ministers of all 27 EU countries will formally approve Croatia’s accession. At their European summit on 23-24 June, heads of state and government will also discuss the enlargement of the eurozone, with Croatia as the 20th member state.

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