Croatia will be the next, and 20th, country to adopt the Euro in place of national currency, with the switchover set for January 1st, following an announcement by the European Central Bank that the country had met the economic criteria for joining. Formal action by the EU will take place later this month.
The bank and the European Commission declared Croatia had met the "reference values," which include an inflation rate near that of other Euro countries, long-term interest and debt ratios within limits and exchange rate stability. Also required is an independent central bank.
The Commission expressed some concerns over business environment and corruption, but senior officials said "commitments have been taken and implemented by Croatia to improve the business environment."
Six other EU countries do not yet use the Euro as currency; their situations were also reviewed. The Commission concluded that Bulgaria, the Czech Republic, Hungary, Poland, Romania and Sweden had made limited progress since the last converge report in 2020.
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