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Croatia to join Eurozone on January 1

On New Year’s Day 2023, Croatia will become the 20th country in the European Union to adopt the common currency of the euro. The relevant paperwork was signed in Brussels on Tuesday, July 12.

The relevant documents ensuring this procedure, were signed by the Croatian Minister of Finance Zdravko Marić, the Deputy President of the European Council Valdis Dombrovskis, European Commissioner for Economy Paolo Gentiloni, European Central Bank President Christine Lagarde, and Zbyněk Stanjura, Minister of Finance of Czechia, whose country currently holds the presidency of the Council of the European Union.

Croatia’s adoption of the euro will mark the first expansion of the Eurozone since 2015, when Lithuania adopted the common currency. One of the documents signed sets the conversion rate upon the switch at one euro to 7.53450 Croatian kuna. Croatia will now have but a few months to prepare themselves for the practicalities of the switch.

To adopt the euro, Croatia had to meet the criteria of price and exchange rate stability, also demonstrating sound public finances and moderate long-term interest rates, all being measured against EU benchmarks.

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