EU Commission formally declares Croatia is ready for the Euro

The Commission of the European Union declared over the weekend that Croatia has formally met all the convergence criteria required to adopt the Euro.

This means that the country in the eyes of the Commission the country has:

1) Low inflation rates,
2) No excessive government deficit
3) Existing currency pegged to the Euro for two years
4) No high-interest rates
5) A legal framework that’s ready for Euro membership

The final stages are for the EU Parliament to approve the EU Commission’s findings and for the Member States to give their approval. This is seen though as a technicality, with few expecting anybody to oppose at this late stage.

The findings of the EU Commission make this the last major step on the road to seeing the Kuna (HRK) replaced on Jan 1st next year.

(If you want to read more about who else is set to join the Euro, read our related blog post “The Euro, who will join next“).

Latest Blog Posts:

Who are the BRICS?

Who are the BRICS?

Way back in November 2001, Goldman Sachs published a report looking at economic development in major growing economies around the world.  It was titled ‘Building Better Global Economic BRICs’ and was written by the then Head of Global Economics Research (and now a member of the House of Lords) Jim

A brief overview of ‘Modern Monetary Theory (MMT)’ in theory and practice

A brief overview of ‘Modern Monetary Theory (MMT)’ in theory and practice

If you have ever taken a macroeconomics lesson, you have probably been taught that printing too much money is inflationary. It has been a widely established fact of the macroeconomy for time immemorial. Economists are always keen to remind the public of this fact whenever issues of government spending and

CBDCs in practice around the world today.

CBDCs in practice around the world today.

Having discussed the benefits and structure of Central Bank Digital Currencies last week, we now turn to the current state of their implementation and the risks associated with their use. CBDCs are still very much in their early stages but 86% of central banks are keen to research and trial

1 2 3 9