The European Union’s Treasury Minister yesterday officially approved Croatia as the 20th member of the Euro Common Currency at the beginning of 2023. This move was welcomed as the culmination of the “amazing journeys” of the former Balkans.
Valdis Dombrovskis, Vice-President of the European Commission, said Croatia’s accession confirmed that the euro was a “attractive, resilient and successful world currency” and would continue to be a symbol of power and unity. ..
“This is especially important during these difficult times when Russia’s attacks on Ukraine continue to send shock waves around the world,” said Donbrovsky, the first expansion of the eurozone since 2015. He spoke at a ceremony commemorating the accession of Croatia.
The European Council, a group of 27 EU governments, has adopted three legal laws necessary to allow Croatia (EU member states since 2013) to introduce the euro on January 1. ..
One of those acts set the conversion rate of the entry to 7.53450 Croatian kuna for 1 euro. Croatia now has several months to prepare for the practicality of currency switching.
Croatia has been an independent country since leaving the then federal Yugoslavia in 1991, and with the separation of Bosnia a year later, has caused years of catastrophic war with Serbia.
Neighboring Slovenia is also the former Republic of Yugoslavia, now a member state of the EU, and adopted the euro in 2007. There are currently 19 countries in the euro area.
Croatia, led by influential nationalist Fragnotuziman until his death in 1999, includes the conviction of Ivo Sanader, who was Prime Minister from 2003 to 2009, to qualify as an EU member state. Worked on fighting corruption and improving governance.
Croatian Treasury Minister Zdravko Malik explained the EU’s green light to adopt the euro as a “big historic day” for his country, whose main tourist destination is the stunning Adriatic coast.
EU Economic Commissioner Paolo Gentiloni welcomed the entry into the euro area as an “abnormal result”.
Croatia joins as market confidence in the euro plummets and singles reach their weakest levels in 20 years, equivalent to the dollar.