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LUXEMBOURG, June 16 (Reuters) – Euro zone finance ministers backed on Thursday Croatia’s bid to adopt the euro, clearing another hurdle on the way of the Balkan nation to become the 20th member of the currency spot from the begin of 2023.
“I am very pleased to announce that the Eurogroup agreed currently that Croatia fulfils all the vital conditions to adopt the euro,” claimed Paschal Donohoe, President of the Eurogroup, which provides together the finance ministers of euro zone nations.
The European Commission explained on June 1 that Croatia was prepared to be part of. With the finance ministers’ backing on Thursday, Croatia’s membership will now have to be approved by EU leaders subsequent 7 days.
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EU finance ministers will then established in July the trade rate at which Croatia’s currency, the kuna, will be converted into the euro on Jan. 1, 2023, supplying the place six months for functional preparations for the currency change.
To adopt the euro, Croatia, a member of the EU considering the fact that 2013, had to fulfil requirements of price and trade price steadiness, finances deficit and community credit card debt and long-phrase interest charges, all calculated in opposition to EU benchmarks. L8N2XO2BP
The Fee also examined its financial integration and convergence with the relaxation of the euro zone, which include equilibrium of payments developments and the integration of its product, labour and fiscal markets and confirmed that its central lender legislation are appropriate with euro zone rules on the European Central Financial institution.
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Reporting by Jan Strupczewski further reporting by Francesco Guarascio
Editing by Gareth Jones
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