A rather sober ceremony: Two Commission representatives, two ministers and the head of the European Central Bank, Christine Lagarde, pose briefly for a group photo. Then follows Lagarde's congratulations on behalf of the Euro Club to Croatia, where the common currency will be introduced next January.
"Strong and positive message"
"Increasing from 19 to 20 does not just mean a numerical difference," emphasizes the ECB boss. "It is also a sign that we are stronger together and that the euro zone and the euro act as a common denominator in and of themselves – as a protective shield because we are stronger together."
Croatia's finance minister Zdravko Maric seals the entry into the euro with his signature after his colleagues have approved the necessary legal acts. The Croatian tourism industry is hoping for good business. But Maric emphasizes that it's not just about the money. "Croatia becoming the 20th member of the common currency is a clear signal that European integration is progressing despite all the challenges," he says. "This is a very strong and positive message to our citizens, customers and markets."
Inflation puts worry lines on your forehead
Nevertheless, it is not a lavish celebration in Brussels – perhaps also because the ministers are discussing otherwise very sobering topics, for example the rise in consumer prices, which is mainly driven by high energy costs: 8.6 percent higher in June than a year ago, and a According to EU Commission Vice President Valdis Dombrovskis, there is no end in sight: "Record inflation and a tightening financial framework – we cannot continue with broad-based economic stimulus programs. We have to take a more targeted approach and find the right mix to deal with the energy transition and record inflation," emphasizes the EU trade commissioner.
Fears of a recession are growing, that is, of a broad-based downturn – especially in the event that Russia finally shuts off the EU's gas supply. "Of course, there is always a risk that if the gas fails, economic growth will tend to weaken," says Austrian Finance Minister Magnus Brunner.
The euro zone is still registering economic growth – but: "The experts are also not entirely in agreement as to what effects should then really come. That depends on how gas supplies will be in the future, that depends very much on the development of the war, of course away."
Another billion for Ukraine
In order to continue to support Ukraine in the war against the Russian aggressor, the finance ministers have released another billion euros. This allows Kyiv to cover ongoing government spending and keep important infrastructure running, says Zbyněk Stanjura, the finance minister of the Czech Republic, which has held the EU Council Presidency since the beginning of the month. "Our main focus is on the consequences of Russian aggression for our economy and support for Ukraine," emphasizes Stanyura.
The additional billion is part of an aid package of up to nine billion euros that the EU Commission has promised and for which the member states are to guarantee. But they are still arguing about the terms of payment.
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