Croatia and Bulgaria are included in the European Fixed Exchange Rate System (ERM-2) – a preliminary step to the introduction of the euro.
From October 1, their largest banks will also be subject to supervision by the European Central Bank (ECB), said on Friday.
The EU Commission assessed participation in the ERM-2 as an „important milestone“ in the efforts of both countries to join the euro area.
Because of the further requirements, the two countries can only join the euro area in 2023 at the earliest.
31.07.2020 | Aktualisiert am 30.07.2020
Kategorien: Allgemein, European Politics explained