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S&Ds look forward to welcoming Croatia as the 20th member of the euro area

Date

02 Jun 2022

Sections

Euro & Finance

Croatia’s adoption of the euro will benefit Croatian citizens and businesses, make our common currency stronger, as well as enhance the European resilience and unity. This is the message from the S&Ds welcoming the European Commission’s assessment that the country is ready to adopt the euro on 1 January 2023, bringing the number of the euro area countries to twenty*.

Biljana Borzan, the S&D vice-president responsible for a new economy that works for all, said:

“The S&Ds welcome Croatia joining the euro area! It has been proven that joining the euro area has had significant positive impacts on the standard of living and on average wages. In the time of crisis, being part of a strong monetary union will strengthen the resilience of Croatia’s economy. It is crucial that the transition to the euro is well executed, keeping in mind the best interests of consumers and businesses.”

Margarida Marques, S&D MEP and the chair of the euro area accession countries working group, said:

“Adopting the euro will strengthen Croatia’s economy and benefit its people and companies. This anticipated new enlargement of the euro area also shows that twenty years after the first euro banknotes were issued, our common currency and one of the main symbols of our unity is as strong and attractive as ever. This is vital in times when our values are being challenged by a war in our immediate neighbourhood.”

*Note to editors:

The Commission presented its conclusion today in the convergence report assessing the readiness of the non-euro member states to adopt the common currency. The report is published every two years. The final decision will be made by the EU member states in the first half of July, after the European Parliament and the European Central Bank have given their opinions.

All member states, except Denmark, are obliged to join the euro area once they meet all the criteria. Denmark negotiated an exemption in the Maastricht Treaty.

The euro area now consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The youngest member is Lithuania who joined in 2015.

 

 

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