Croatia officially applies to join Euro

epa04412427 A banner with a redesigned ten euro note on the facade of the building of the DNB, the central bank of the Netherlands, in Amsterdam, The Netherlands, 22 September 2014. The notes, that contain extra security features to make it more difficult for counterfeiters to reproduce, will be put in circulation on 23 September 2014. EPA/LEX VAN LIESHOUT

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Croatia has officially applied to join the euro.

POLITICO reports that Zagreb’s finance ministry and central bank sent a letter of application, it obtained, on Thursday to the European Commission’s euro chief, Valdis Dombrovskis, and Mario Draghi, European Central Bank president.

Croatia said it expects to enter a two-year scrutiny period called the EU’s Exchange Rate Mechanism, or ERM II, by the summer of next year.

Croatia’s letter highlighted six other pledges to complete by the summer of 2020 as part of its eurozone bid.

Finance ministers from the 19 euro countries are due to discuss Croatia’s application when they meet in Brussels on Monday for this month’s Eurogroup.

The ministers will also discuss Bulgaria’s bid, which Sofia put forward last year.

Via Politico

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