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Croatia joining the euro area

Author

Listed:
  • Arian Perić
  • Adriana Reut

Abstract

Euro-area accession is an open, rule-based process. It requires the fulfilment of four economic convergence criteria - sometimes referred to as the Maastricht criteria - on price stability, sustainable public finances, exchange rate stability and nominal long-term interest rate convergence. A country’s national legislation on monetary affairs must also be brought into line with the Treaty on the Functioning of the European Union. The latest assessment of progress made by the non-euro Member States on converging towards adopting the euro was published in the Commission’s 2022 Convergence Report on 1 June 2022. This assessment found that Croatia fulfilled all the convergence criteria, paving the way for the Council decision of 12 July 2022 that Croatia becomes the 20th member of the euro area as of 1 January 2023. This section presents the key economic considerations underpinning this positive assessment, emphasising the sustainability of convergence. It also examines a few methodological issues specific to the 2022 assessment.

Suggested Citation

  • Arian Perić & Adriana Reut, 2022. "Croatia joining the euro area," Quarterly Report on the Euro Area (QREA), Directorate General Economic and Financial Affairs (DG ECFIN), European Commission, vol. 21(3), pages 43-52, November.
    • Handle: RePEc:euf:qreuro:0213-04
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    File URL: https://economy-finance.ec.europa.eu/publications/quarterly-report-euro-area-qrea-vol-21-no-3-2022_en
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