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S&Ds: Croatia, welcome to the euro family!

Date

08 Jul 2022

Sections

Euro & Finance

S&Ds welcome Croatia as the 20th member of the euro area as of 1 January 2023! The adoption of the euro will benefit Croatian citizens and businesses as well as strengthen our common currency, a key symbol of our unity, highlighted the S&D Group in anticipation of the European Parliament resolution welcoming the upcoming euro enlargement*.

This is the first euro enlargement after a series of crises that have shaken up the EU over the past years, namely Brexit and the Covid-19 pandemic. It shows that, twenty years after the issuance of the first euro banknotes, our common currency is as strong and attractive as ever. This is vital in times when our values and standard of living are being challenged by a war in our immediate neighbourhood

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

“History has shown that in the time of crisis the greatest strength is in integration and unity. The integration of Croatia in the euro area will strengthen both the Croatian and European economy.

“It is crucial that the transition to the euro is well executed, keeping in mind the best interests of Croatian consumers and businesses. We strongly believe that this historic change will result in a higher standard of living for Croatian people.” 

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

“The commitment and ambition shown by Croatia during its successful euro accession proves that the single currency continues to be seen as an attractive and solid project that guarantees security and stability for the future.

“Croatia’s euro adoption is also a clear sign of unity and further integration in the EU. This should work as an incentive for more member states to join and strengthen the single currency.

“I hope Croatian citizens will fully reap all the benefits of being in a robust monetary union that will make their economy and society more resilient, robust, competitive and even more European.”

*Note to editors:

On 1 June, the European Commission assessed that Croatia is ready to join the euro area as of 1 January 2023. The final formal decision will be taken by the EU finance ministers on 12 July, after discussions in the Eurogroup and in the European Council, and after the European Parliament and the European Central Bank have given their opinions. The Parliament will signal its political support today with the adoption of the resolution.

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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