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Eurozone Ministers welcome Croatia’s formal bid to join the Euro

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The prospects for Croatia’s participation in the European Exchange Rate Mechanism (ERM II) were discussed in Brussels by the Eurozone finance ministers on 9 July, all of whom welcomed Zagreb’s formal bid to join the list candidates who want to adopt the euro as the country’s national currency.

The commitments offered by Croatia in its letter were welcomed by the bloc’s finance ministers at the meeting, the last ahead of the summer break. As officially announced, the ministers welcomed the Croatian authorities’ intention to put in place the necessary elements for successful ERM II membership.

The ministers suggest that “after constructive discussions with the ECB, the Eurozone members, Denmark, and Croatia made a number of commitments in policy areas of major importance for a smooth transition and participation in the ERM II,” according to a written statement by the meetings’ participants who also noted “with regards to the banking supervision, in particular, Croatia has sent a request for close cooperation with the ECB in accordance with current procedures and will undertake the necessary preparations – including to support the ECB’s overall assessment.”

via New Europe 

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