(Photo: Utrecht Robin/ABACA/PIXSELL) (Photo: Utrecht Robin/ABACA/PIXSELL)

The European Exchange Rate Mechanism (EMRII) is often referred to as the “waiting room” for the eurozone. Member states must spend at least two years in the mechanism before adopting converting to the euro as their currency. This would mean that Croatia could join the eurozone in 2023 at the earliest.

The decision to welcome the two new members received support from the Euro Task Force on Monday, and will be on the agenda on Thursday and Friday at a meeting of the Eurogroup and the Finance and Economic Council.

Admission into ERM II is decided by the member states already participating in this mechanism, namely the 19 euro area member states, Denmark and the European Central Bank.

The decision on the admission of Bulgaria and Croatia is expected to be announced in an official statement on Friday, diplomatic sources told HINA.

In a report released last month, the European Commission said that Croatia met all the criteria for entry into the euro area except membership in ERM II.

Source: HINA