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

A sculpture of Euro image is pictured in entrance of the European Parliament in Brussels, Belgium, May well 2, 2018. REUTERS/Francois Lenoir/File Photo

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

“I am quite delighted to announce that the Eurogroup agreed nowadays that Croatia fulfils all the needed situations to undertake the euro,” stated Paschal Donohoe, President of the Eurogroup, which delivers alongside one another the finance ministers of euro zone nations.

The European Commission said on June 1 that Croatia was all set to join. With the finance ministers’ backing on Thursday, Croatia’s membership will now have to be accepted by EU leaders following 7 days.

EU finance ministers will then set in July the trade amount at which Croatia’s currency, the kuna, will be converted into the euro on Jan. 1, 2023, supplying the region six months for useful preparations for the forex change.

To adopt the euro, Croatia, a member of the EU considering the fact that 2013, had to fulfil criteria of rate and exchange price steadiness, funds deficit and public credit card debt and extended-term desire rates, all calculated against EU benchmarks. L8N2XO2BP

The Commission also examined its financial integration and convergence with the relaxation of the euro zone, together with balance of payments developments and the integration of its item, labour and economic marketplaces and confirmed that its central bank guidelines are suitable with euro zone guidelines on the European Central Lender.

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

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