ZAGREB, 17 June 2022 - EU finance ministers on Friday approved a recommendation on Croatia's readiness to join the euro area, another procedural step towards a final decision on 12 July.
The finance ministers, who met in Luxembourg, also confirmed a letter that the Ecofin chair, French Finance Minister Bruno Le Maire, will forward to European Council President Charles Michel ahead of a discussion at an EU summit, when member states' leaders are expected to support the recommendation.
"This is a great day for Croatia, the last step towards a formal decision on accession to the euro area on 1 January 2023," Croatian Finance Minister Zdravko Marić said after the meeting.
Ecofin chairman Bruno Le Maire also said this was great news.
This is great news, recognition for the significant efforts Croatia has made, Le Maire said.
He added that he is especially attached to Croatia because he started his diplomatic career there about 30 years ago.
I am happy that Croatia will be joining the euro area. I believe that this proves that the European Union is continuing to strengthen and integrate and that in today's turbulent circumstances, this is the best news we can have, Le Maire said.
Answering reporters' questions, Marić said that the current inflation has nothing to do with joining the euro area.
He said that in all the countries that introduced the euro there was rounding off of prices in the first year, especially in service industries, hairdressing salons and cafes. As these are everyday things, it creates the impression of rising prices, but calculations show that inflation was between 0.2 and 0.4 percent in all the countries that introduced the euro, "which is not much, but also not negligible."
"Despite everything, we have to do everything to prevent euro introduction from being used to put additional pressure on inflation," Marić said.
He stressed the need to ensure respect for the principles of consumer protection, provide all relevant information and secure transparency.
