Croatia has been given the green light to start preparing to mint euro coins before starting to use the single currency. In a visit to Zagreb, those responsible for the euro, have warned Croatia that despite its ambitious schedule they will have to meet all the requirements.
“I congratulate the Croatian authorities for their strong political will to introduce the euro as early as 2023. And that despite the major obstacles and setbacks the country has been experiencing. The European Commission will support Croatia in its efforts to meet this timetable. But it will only be possible to achieve this if Croatia meets all the convergence criteria “, has assured the economic vice-president of the European Commission, Valdis Dombrovskis.
Entry into the Eurozone for countries whose main economic activity is tourism, such as Croatia, is very beneficial. According to a recent study by the Croatian National Bank, public support for entry into the euro has grown from 41% to 45% in the last year.
To join the euro, countries must meet various criteria such as controlling inflation or having sound public finances. The Croatian economy ranks twenty-second among the 27 EU member states, and is 55 times smaller than the German one
“Economically, it means next to nothing because Croatia is only a very small addition to the euro area economy. Politically it is more important because it shows that the euro is still attractive. The countries want to unite as soon as they can, although conditions are now more restrictive, more restricted than before, “argues Daniel Gros, director emeritus of the CEPS research institute.
Croatia wants to end the use of the kuna and switch to the euro before January 1, 2023.