At the beginning of 2023, Croatia will abandon its currency (kuna) in favor of the euro. This state will become the twentieth country to join the eurozone. The finance ministers of other countries using the single European currency agreed that Croatia has met all the necessary conditions and is ready to join the monetary union.
The European Central Bank authorized the transition of Croatia to the euro in early June 2022. The agreement of the finance ministers of the countries participating in the monetary union was the final chord in this process. European Commission Vice President Valdis Dombrovskis welcomed the decision, pointing out that even at a time when Russia is shocking the world with its aggressive brutality, European countries continue to strengthen integration ties. Croatian Finance Minister Zdravko Marić called the decision to join the European Monetary Union a "historic day" for his country. The kuna exchange rate is set at 7,53450 for 1 euro.
In order to join the Eurozone, Croatia has fulfilled a number of important conditions regarding the level of inflation, budget deficit and public debt. The last expansion of the European Monetary Union took place in 2015 when Lithuania introduced the euro as its national currency. In accordance with the Maastricht Treaty, eventually all EU countries must adopt the euro. An exception is made for Denmark, which, in a referendum in 2000, abandoned the adoption of the euro and decided to keep its national kroner.
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Publication Date: 15.07.2022
