Zovko: The European Parliament confirmed Croatia’s readiness to introduce the euro

Strasbourg, July 5, 2022.

Today, the European Parliament adopted a report on the Proposal of the Council’s decision on introducing the euro in Croatia and deems that Croatia has fulfilled all the criteria to introduce the new currency as of January 1, 2023.

Member of the European Parliament Željana Zovko welcomed the strong support of the European Parliament and stated that Croatia passed all the necessary controls and is ready for the introduction of the euro. “Thanks to the great work and efforts of our government in the last few years, Croatia has fulfilled, in record time, one of its main strategic policy goals., and by the end of this year it will also reach a second milestone, the readiness to join the Schengen area.” Zovko stated and emphasized that membership in the eurozone will have numerous benefits for Croatian citizens. „The new currency will lower the costs of conversion and reduce the costs of financing and borrowing by the state and the economy. In addition, Croatia will increase its capacity to tackle crises affecting our financial market.“ Zovko said.

Zovko furthermore stated that being part of the euzone sends a clear signal of trust and stability to the financial markets. “We have already seen the positive effect of Croatia’s imminent entry into the eurozone in the publication of the latest rating by the credit agency Moody’s, which will give Croatia the highest rating in the country’s history. This will attract more foreign investments and boost our economy,“ concluded Zovko.

With this decision, the only step left is the formal decision on the approval by Economic and Financial Affairs Council (ECOFIN), which is expected on July 12 in Brussels.

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