Croatia States Deadline For Possible Changeover To Euro

Croatia could become the twentieth member of the euro zone on January 1, 2023, the European Commission said in its official Twitter account for finance and economy.

« If all the criteria are met, the euro can be introduced on January 1, 2023, » the statement reads.

Croatia’s leaders announced in September 2017 that the country was launching a campaign to join the euro zone. The process of adapting the country to the transition to the single currency is ongoing.

Membership in the euro area implies the euro as a national currency, a common monetary policy of the countries conducted by the European Central Bank. The euro became the official currency of 11 European Union member states on January 1, 1999, including Germany, France and Italy. At that during the first three years it was « invisible », i.e. it was used for electronic payments, and from January 1, 2002 the currency was put in circulation and substituted for national currencies. The last to join the currency bloc were the Baltic countries, of which Lithuania was the latest to do so in 2015.

The euro area now includes 19 of the 27 European Union member states. All EU countries, except Denmark, are expected to join the eurozone over time, when they meet the necessary conditions for this.

source: reuters.com

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