Convergence Report 2022

Summary:

Report published by the European Commission on 1 June 2022, comprising an assessment of Member States with a derogation regarding their fulfilment of the conditions for Euro adoption. This report concludes that Croatia is ready to adopt the Euro in January 2023.

Further information:

The European Commission's Convergence Report 2022 provides an assessment of the progress non-euro area Member States have made towards adopting the Euro. It forms the basis for the Decision from the Council of the European Union on whether a Member State fulfils the conditions for joining the Euro Area. The Convergence Report of the European Commission is separate to, but published in parallel with, the Convergence Report of the European Central Bank (ECB).

All Member States, except Denmark, have legally committed to join the Eurozone. Denmark, which negotiated an opt-out arrangement in the Maastricht Treaty, is therefore not covered by the Report.

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 (EDP);
• 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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News

RFI News, 01/06/2022: EU says Croatia ready to adopt euro in 2023 https://www.rfi.fr/en/eu-says-croatia-ready-to-adopt-euro-in-2023

Politico, 01/06/2022: Croatia on track to adopt the euro https://www.politico.eu/article/croatia-join-euro-2023/

Euronews, 01/06/2022: Croatia could adopt euro in January 2023 as Commission gives the all-clear https://www.euronews.com/my-europe/2022/06/01/croatia-could-adopt-euro-in-january-2023-as-commission-gives-the-all-clear

Bloomberg, 01/06/2022: Euro Zone Set to Get 20th Member as Croatia Given Crucial Nod https://www.bloomberg.com/news/articles/2022-06-01/euro-zone-set-to-get-20th-member-as-croatia-given-crucial-nod#xj4y7vzkg

Deutsche Welle, 01/06/2022: EU says Croatia ready to join eurozone in 2023 https://p.dw.com/p/4C9Jc

Reuters, 01/06/2022: Croatia ready to join euro zone from 2023 - EU Commission https://www.reuters.com/world/europe/croatia-ready-join-euro-zone-2023-eu-commission-2022-06-01/

EurActiv, 02/06/2022: Commission gives Croatia go-ahead for 2023 euro adoption https://www.euractiv.com/section/economy-jobs/news/commission-deems-croatia-ready-to-adopt-euro-in-2023/

Le Monde, 02/06/2022: Croatia to become eurozone's 20th member in 2023 https://www.lemonde.fr/en/international/article/2022/06/02/croatia-to-become-eurozone-s-20th-member-in-2023_5985420_4.html

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Official

Croatian Central Bank (HNB): Press Release, 01/06/2022: Historic step on Croatia's journey towards adopting the euro https://www.hnb.hr/en/-/povijesni-korak-hrvatske-na-putu-prema-uvodjenju-eura

European Commission: Press Release, 01/06/2022: Convergence Report reviews Member States' preparedness to join the euro area and paves the way for Croatia's euro adoption on 1 January 2023 https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3312

European Commission: Questions and answers on the European Commission's Convergence Report 2022 (1 June 2022) https://ec.europa.eu/commission/presscorner/detail/en/qanda_22_3313

European Commission: Remarks by Commissioner Gentiloni at the press conference on the Convergence Report on Member States' preparedness to join the euro area (1 June 2022) https://ec.europa.eu/commission/presscorner/detail/en/speech_22_3433

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