EU to back Croatia, Bulgaria in first step to join euro, report
Newswire Reuters, citing four sources, has reported that Eurozone officials are ready to let Bulgaria and Croatia into the ERM-2 mechanism, a preliminary stage for adopting the euro as their currency in the next three years.
If taken, the move would pave the way for the first enlargement of the eurozone since 2015, when Lithuania joined the European common currency, which currently has 19 members, Reuters says.
European officials said a decision was imminent after a final backing from eurozone and EU finance ministers, who held video conferences on Thursday and Friday (July 9-10).
Once countries join the ERM-2, they remain in the mechanism for about two years before starting the practical preparations to join the eurozone, a process that takes roughly another year, making 2023 the earliest year for euro membership, Reuters adds.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.