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Croatia could join eurozone by 2024, PM says

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Photo by paparazzza/Shutterstock.com

Croatia aims to meet all necessary criteria and adopt the euro by the end of the next government’s term in office, Prime Minister Andrej Plenković said on Tuesday, according to Reuters.

Croatian Prime Minister Prime Minister Andrej Plenković. Photo by paparazzza/Shutterstock.com

“The time period, during which we at present estimate that we will be in ERM-2, would be two-and-a-half to three years, which means that the eurozone entry, according to current estimates, could happen at the earliest in January 2023, or in January 2024,” Reuters said Plenkovic told an economic forum held in Zagreb.

Earlier this year, Croatia sent a letter of intent to the European Central Bank to join the European Exchange Mechanism (ERM-2), effectively a "waiting room" for countries that want to adopt the euro.

Listing the main benefits of joining the euro, Plenković mentioned removal of currency risk, lower borrowing costs and stronger competitiveness of the economy.

Last week, Croatia’s central bank Governor Boris Vujčić said the country could possibly join the eurozone in 2023, adding he believed the entry conditions could be met by the middle of next year, Reuters noted.

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