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The European Union gave the green light to Croatia’s adoption of the euro from January 1 next year, when the country will become the 20th member of the common currency area.
The signing ceremony was held in Brussels in the presence of the bloc’s finance ministers. The European Commission, the EU’s executive arm, had recommended that the Adriatic nation of 3.9 million people be allowed to adopt the single currency, after finding that Croatia met the necessary requirements on issues including inflation and public debt.
Valdis Dombrovskis, Commissioner for Economy: A strong and larger euro area strengthens Europe’s influence internationally. Croatia’s adoption of the euro will help to further expand the foundation of Europe’s future economic strength and stability.
Croatia itself considers this a very important moment for it.
Zdravko Maric, Croatian Deputy Prime Minister: This is a historic day for our country. All these decisions taken by the Council really mark something amazing for us. But I firmly believe that this is a great day for the European Union itself, for the European monetary union, because the fact that Croatia will become the 20th member state of the Eurozone is also a clear signal that European integration is continuing, despite all the challenges we face.
Croatia becomes the first country to be admitted to the euro zone since Lithuania in 2015. Like this Baltic country, the bid seems to be partly aimed at cementing the Western alignment after decades of communist rule after World War II.
The governor of the Croatian central bank, Boris Vujcic, said that membership in the eurozone will bring more security, less risks, will increase the value of investments as well as the standard of living for citizens, adding that he does not expect significant fluctuations of the kuna. between now and the conversion date.
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