By joining the euro area on 1 January 2023, Croatia will also become a member of the European Stability Mechanism (ESM), the euro area’s permanent rescue fund, once it has completed the necessary administrative and financial procedures.
The ESM, which approved Croatia’s application on Monday 5 December, said the Croatian authorities will have to subscribe to the fund’s capital of €3.695 billion, of which €422.29 million is paid-in capital to be paid in five instalments.
As...