Croatia’s inevitable journey towards adopting the Euro as the official currency and ditching the Kuna has moved a step closer with the Minister of Finance reporting this week that the country has completed almost half of the 19 measures needed to join the Exchange Rate Mechanism (ERM II).
Zdravko Maric, the Croatian Minister of Finance, has said that half of the 19 different measures in six categories had been closed. This means that the path towards the joining the Exchange Rate Mechanism (ERM II) is ever closer and therefore the adoption of the Euro as the official currency is still on course.
A letter of intent was sent to join the ERM II in July last year, as well as a plan to reform the economic situation, and the European Central Bank is expected to deliver a decision on Croatia joining the banking union.
Maric expects that Croatia will have completed all measures by the end of Croatia’s presidency of the EU.
If all goes to plan then Croatia is expected to adopt the Euro by 2024 to 2025.