Euro zone finance ministers back Croatia’s bid to join euro

A sculpture of Euro symbol is pictured in front of the European Parliament in Brussels, Belgium, May 2, 2018. REUTERS/Francois Lenoir/File Picture

LUXEMBOURG, June 16 (Reuters) – Euro zone finance ministers backed on Thursday Croatia’s bid to undertake the euro, clearing one more hurdle on the way of the Balkan state to turn out to be the 20th member of the currency place from the commence of 2023.

“I am pretty delighted to announce that the Eurogroup agreed currently that Croatia fulfils all the necessary circumstances to adopt the euro,” said Paschal Donohoe, President of the Eurogroup, which provides alongside one another the finance ministers of euro zone nations.

The European Fee stated on June 1 that Croatia was ready to sign up for. With the finance ministers’ backing on Thursday, Croatia’s membership will now have to be accepted by EU leaders following week.

EU finance ministers will then established in July the trade level at which Croatia’s currency, the kuna, will be converted into the euro on Jan. 1, 2023, providing the nation 6 months for simple preparations for the forex switch.

To adopt the euro, Croatia, a member of the EU considering the fact that 2013, had to fulfil standards of selling price and exchange rate steadiness, spending budget deficit and community credit card debt and extended-term fascination rates, all calculated from EU benchmarks. L8N2XO2BP

The Fee also examined its economic integration and convergence with the relaxation of the euro zone, which include harmony of payments traits and the integration of its product, labour and monetary marketplaces and confirmed that its central financial institution rules are suitable with euro zone guidelines on the European Central Financial institution.

Reporting by Jan Strupczewski extra reporting by Francesco Guarascio
Modifying by Gareth Jones

Our Benchmarks: The Thomson Reuters Belief Concepts.