JavaScript is off. Please enable to view full site.

Euro zone welcomes Croatia's bid to join euro at the earliest in 2023

Euro zone welcomes Croatia's bid to join euro at the earliest in 2023

Tuesday, July 09, 2019, 12:03 GMT+7
Euro zone welcomes Croatia's bid to join euro at the earliest in 2023
The European Union and Croatian flag is seen in Zagreb's downtown July 1, 2013. Photo: Reuters

BRUSSELS -- Croatia has submitted a formal bid to join the European Exchange Rate Mechanism (ERM-2), an early stage on the path to membership of the euro currency, the head of the Eurogroup of euro zone finance ministers said on Monday.

The move could allow the Balkan country to join the euro currency zone, which currently comprises 19 states, at the earliest in 2023, an EU official said.

Commitments offered by Croatia in a letter were welcomed by the bloc’s finance ministers at a meeting on Monday, the chair of the meeting Mario Centeno told a news conference.

EU economics commissioner Pierre Moscovici said Zagreb’s move was a “vote of confidence in the euro.”

Croatia has committed to preparing the ground for the European Central Bank to take over banking supervision in the country. It has also committed to applying reforms on anti-money laundering rules and to making the public administration more effective and less costly, an EU statement said.

The ECB and the European Commission will monitor the application of these commitments in a process that is expected to last one year.

EU economics commissioner Pierre Moscovici said Zagreb’s move was a “vote of confidence in the euro.”

Croatia has committed to preparing the ground for the European Central Bank to take over banking supervision in the country. It has also committed to applying reforms on anti-money laundering rules and to making the public administration more effective and less costly, an EU statement said.

The ECB and the European Commission will monitor the application of these commitments in a process that is expected to last one year.

Reuters

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news