On Monday 8 July, euro area finance ministers welcomed the formal willingness, expressed on 4 July by the Croatian authorities, to participate in the exchange rate mechanism (ERM II) and the Banking Union by mid-2020, as a first step towards the adoption of the single currency.
"Croatia’s intention to join ERM II shows that the euro area is a solid anchor of stability and growth in Europe that continues to attract new members", said Mário Centeno, President of the Eurogroup, at a press conference.
The Eurogroup noted that Zagreb had made a number of relevant commitments to participate in this exchange rate mechanism, which Jean-Claude Juncker, the President of the European Commission, had also acknowledged on 7 June (see EUROPE 12271/3).
In addition, the Croatian authorities have sent a request to the European Central Bank (ECB) to enter the "close cooperation" procedure and Zagreb has undertaken to adopt several other measures relating in particular to finance, as well as money laundering.
Both the ECB and the Commission will now monitor the implementation of these commitments. "This is an important milestone for Croatia and another important vote of confidence in the euro", said Pierre Moscovici, Commissioner for Economic and Financial Affairs. (Original version in French by Lucas Tripoteau)