Croatia hopes to enter ERM II in July

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Photo by Alexandros Michailidis / Shutterstock.com

Croatian Prime Minister Andrej Plenković has said that it would be much easier for Croatia in the current situation if it were a member of the euro area, the Croatian News Agency, HINA, has reported.

Croatian Prime Minister Andrej Plenković. Photo by Alexandros Michailidis / Shutterstock.com

Speaking on May 7 at a session of the national council for introducing the euro as Croatia’s official currency, Plenković noted that the main benefit for Croatia from euro adoption at the moment would be the European Stability Mechanism (ESM) loans and the monetary stimulus of the European Central Bank (ECB) that would be available both to the government and the private sector.

The Croat PM also stressed other benefits, such as the removal of currency risk and better credit rating. Croatia’s strategic goal is to adopt the euro by 2023 or 2024.

The government announced on Thursday that Croatia has fulfilled the requirements under the action plan for accession to the European Exchange Rate Mechanism II (ERM II), the so-called "waiting room" for joining the euro, and the banking union for the period from July 2019 to May 2020. The government hopes to enter ERM II in July this year. 

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