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HomeNewsBusinessAccording to Lagarde, Croatia’s participation in Euro shows that the currency’s allure...

According to Lagarde, Croatia’s participation in Euro shows that the currency’s allure endures

The newest member of the currency union, according to European Central Bank President Christine Lagarde, shows that the euro has enduring appeal.

The 3.9 million-person nation on the Adriatic coast, which was ravaged by conflict a generation ago, has recently finished its transformation and joined the largest currency zone in the world. Additionally, it brings the number of decision-makers on the ECB Governing Council to 26, with Governor Boris Vujcic of the Croatian National Bank joining the group.

In a statement on Sunday, Lagarde said, “Croatia worked hard to become the 20th member of the euro area, and it succeeded. It demonstrates that the euro is a desirable currency that offers its users stability.

On the same day, Croatia became the first member of the European Union to join both the Schengen and the eurozone.

Not as lucky are two additional candidates for the euro. Internal strife in Romania has impeded its attempt to join the EU, as seen by the country having the greatest rate of change in its governments.

The ability to pay across borders using the same EU currency is another key accomplishment, according to European Commission President Ursula von der Leyen, who spoke at a press conference on Sunday at a Croatian border crossing.

The poorest member of the bloc, Bulgaria, wants to join in 2024, but concerned European authorities aren’t sure that the country’s economy and scandal-riddled banking sector are ready for the world’s most liquid currency.

The poorest member of the bloc, Bulgaria, wants to join in 2024, but concerned European authorities aren’t sure that the country’s economy and scandal-riddled banking sector are ready for the world’s most liquid currency.

The adoption of the euro is ultimately a need for joining the EU, despite the fact that the Czech Republic, Hungary, Poland, and Sweden don’t seem interested in doing so. Denmark, which successfully negotiated an opt-out on joining before the advent of the currency, is also refusing to budge. Including Denmark, Lagarde stated separately in an interview with Croatian newspaper Jutarnji list that was published on Saturday that “just six EU member states are not members of the club.” “It’s okay if they need additional time. We will be delighted to add more nations to the euro-area when they satisfy the requirements and express a desire to do so.

News Summary:

  • According to Lagarde, Croatia’s participation in Euro shows that the currency’s allure endures
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Patrick Huston
Patrick Huston
As a senior editor, Patrick is a professional who is in charge of putting out business news. As a senior editor, Patrick is likely to be in charge of the duties of junior editors and writers, make sure the content is correct and high-quality, and work with other departments to make sure the business news is published on time. Patrick knows a lot about business and the latest market trends. He uses this knowledge to choose and edit stories that are both interesting and useful to readers. He also works with reporters and analysts to come up with insightful pieces that help readers keep up with the latest business news. Patrick is a very important part of keeping the public informed and interested in important business issues. He is passionate about journalism and strives for excellence.
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