Croatia and Bulgaria May Adopt Euro in 2024, Dombrovskis Says

Croatia and Bulgaria may join the euro area in January 2024, European Commissioner Valdis Dombrovskis said.

The two European Union nations were admitted into the currency’s waiting room, known as the ERM-2, last week and must spend at least two years there working to fulfill the Maastricht criteria.

They may be ready in 2023, but “the tradition is that the euro is introduced in January, which leads us to Jan. 1, 2024,” Dombrovskis said in an online discussion with journalists Tuesday.

“Membership itself will help increase confidence among international investors and make both countries more attractive to investment,” Dombrovskis said.

The European Central Bank said Friday that the two Balkan nations satisfy the criteria for the final step before the switch. The bank also set base rates for their currencies, which will be allowed to fluctuate within a band of plus or minus 15% against the euro.

Dombrovskis said the planned expansion of the currency area testifies to the continued attractiveness of the euro and strengthens its international role.

©2020 Bloomberg L.P.

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