Convergence Report reviews Member States’ preparedness to join the euro area and paves the way for Croatia’s euro adoption on 1 January 2023

(Source: EEAS)

EU News 120/2022

Today, the European Commission has concluded that Croatia is ready to adopt the euro on 1 January 2023, bringing the number of euro area Member States to twenty.

The conclusion is set out in the 2022 Convergence Report, which assesses the progress that Bulgaria, Czechia, Croatia, Hungary, Poland, Romania and Sweden have made towards joining the euro area. These are the seven non-euro area Member States that are legally committed to adopting the euro. The Report concludes that:

  • Only Croatia and Sweden meet the price stability criterion.
  • All Member States fulfil the criterion on public finances, except Romania which is the only Member State subject to an excessive deficit procedure.
  • Bulgaria and Croatia are the two Member States fulfilling the exchange rate criterion.
  • Bulgaria, Croatia, Czechia and Sweden fulfil the long-term interest rate criterion.
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