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Global Economy

Croatia displays prices in euros

With Croatia aiming to join the eurozone in 2023, from September 5 the country will display all prices in both the current national currency, kuna, and in euros. From 2023 everyone should be able to exchange Kuna for Euro free of charge.

Croatia has been a member of the European Union since 2013 and, like Bulgaria, was admitted to the so-called "European Exchange Rate Mechanism II" in July 2020, also known as the waiting room for the eurozone.

This ties the national currencies to the euro with only a small margin for exchange rate fluctuations. Countries must participate in ERM II for at least two years before they can adopt the euro.

It is a kind of test phase to see how the candidate country's economy can function without the possibility of exchange rate fluctuations. Bulgaria hopes to adopt the euro in 2024 and Croatia is targeting January 2023, subject to final approval.

In order for Croatia to reach its target, the European Commission must issue a positive assessment in spring 2022 and the EU Council must make a corresponding decision in summer 2022.

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