Eurozone finance ministers will discuss Croatia’s bid to take the first step towards adopting the euro, the paper Jutarnji list reported in Sunday’s editions.
Croatia’s government sent a request to Brussels last Thursday asking to join the European Exchange Rate Mechanism (ERM II), which is regarded as the waiting room for the eurozone. The letter of intent was signed by Finance Minister Zdravko Marić and Croatian National Bank Governor Boris Vujčić.
According to the report, eurozone finance ministers will formally accept the request on Monday, just as they did a year ago, when they gave Bulgaria the green light to begin preparing for the introduction of the European single currency. It is to be expected that, just like in Bulgaria’s case, they will give Croatia one year to complete the requirements to enter ERM II. Any country wanting to join the Eurozone is expected to spend at least two years in the waiting room. During that time the value of the kuna against the euro must remain must remain within the given range.
Although European Commissioner for the euro Valdis Dombrovskis said in January of this year that Bulgaria was expected to join ERM II by the middle of this year, it has yet to receive the green light from Brussels, Jutarni list reports.