Croatia Is Ready To Enter Schengen Area

Jean-Claude Juncker praised Croatia for meeting stringent requirements for entering the Schengen area. Now, other Schengen states must vote for its entry.

Croatia has fulfilled the necessary requirements for entry into the Schengen zone, said the outgoing chairman of the European Commission, Jean-Claude Juncker on Tuesday, October 22. « I express gratitude to Croatia for its efforts and its perseverance in fulfilling all the prerequisites for entering the Schengen zone, » Juncker said.

The European Commission particularly recognized the merits of Croatia in protecting the external borders of the European Union. For the Balkan country to enter the Schengen zone, the consent of all 26 Schengen countries is necessary.

Meanwhile, local residents wait for the country to enter the Eurozone. According to a survey conducted this year by the Central Bank of Croatia, 52 percent of respondents spoke in favor of switching to the euro, 40 percent opposed it. The rest refrained from answering.

However, mere intentions are not enough in order to switch to the euro. According to the rules of the Eurozone, for a successful transition to a new currency, the budget deficit of the candidate country should be no more than 3% of GNP, public debt – no more than 60% of GDP. Inflation, however, cannot exceed the average level in the three EU countries with the most insignificant indicators of more than 1.5%.

In addition, the state should ensure high stability of the banking system. At the same time, the Croatian regulator is helping the national currency fluctuate between 7.4-7.7 kuna per euro.

source: reuters.com

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