‘Amazing journey’: EU accepts Croatia as 20th euro zone member

European Union finance ministers on Tuesday formally approved Croatia becoming the 20th member of the euro common currency at the start of 2023, a move hailed as the culmination of an “amazing journey” for a Balkan nation once at war.

European Commission Vice President Valdis Dombrovskis said Croatia’s accession confirmed that the euro remained an “attractive, resilient and successful global currency” and a symbol of strength and unity.

“This is particularly important at such a challenging time when Russia’s aggression against Ukraine continues to send shock waves around the world,” Dombrovskis told a ceremony to mark Croatia’s accession, the euro zone’s first expansion since 2015.

The European Council, the grouping of 27 EU governments, adopted three legal acts required to allow Croatia – an EU member state since 2013 – to introduce the euro on Jan. 1.

One of those acts set the conversion rate for entry at one euro to 7.53450 Croatian kuna, with Croatia now having a few months to prepare the practicalities for the currency switch.

Croatia, in southeastern Europe, has been a independent country since 1991 when it left then-federal Yugoslavia.

via Reuters