The European Union gave its final approval for Croatia to adopt the euro early next year, when it will become the currency area’s 20th member, Bloomberg News reported. Finance ministers from the bloc meeting in Brussels held a signing ceremony Tuesday. The European Commission, the EU’s executive arm, had recommended that the Adriatic nation of 3.9 million people should be allowed to adopt the common currency, finding that it fulfills the necessary requirements on issues including inflation and public debt. “A strong and larger euro area reinforces Europe’s influence internationally,” Commissioner Valdis Dombrovskis told reporters after the ceremony. Croatian adoption of the euro “is helping to widen the foundation for Europe’s future economic resilience and strength.” Croatia will join the single currency at a conversion rate of 7.53450 kuna per euro on Jan. 1, 2023, the EU said in a statement. The rate is the same as was established in July 2020 for entry into the euro area waiting room, known as ERM-2. That rate was allowed to fluctuate.
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