Recommendation of the members of the Council representing Member States whose currency is the euro of 17 June 2022 to the Council on the adoption by Croatia of the euro on 1 January 2023 2022/C 238/01
Date: 2022-06-17
Institutions: Council of the European Union, The Member States having adopted the euro: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia, Finland
Subjects: Croatia, Economic and Monetary Union, Euro Group (euro area), economic convergence, euro








C_2022238EN.01000101.xml










21.6.2022   


EN


Official Journal of the European Union


C 238/1






RECOMMENDATION OF THE MEMBERS OF THE COUNCIL REPRESENTING MEMBER STATES WHOSE CURRENCY IS THE EURO
of 17 June 2022
to the Council on the adoption by Croatia of the euro on 1 January 2023
(2022/C 238/01)
THE MEMBERS OF THE COUNCIL OF THE EUROPEAN UNION REPRESENTING MEMBER STATES WHOSE CURRENCY IS THE EURO,
Having regard to the Treaty on the Functioning of the European Union, and in particular the second subparagraph of Article 140(2) thereof,
Having regard to the proposal from the European Commission,
Having regard to the report from the European Commission,
Having regard to the report from the European Central Bank,
Whereas:






(1)


In the light of their assessment, the Members of the Council representing Member States whose currency is the euro share the Commission’s view that Croatia has achieved legal compatibility and respects the convergence criteria and, also taking into account the additional factors, consider that Croatia fulfils the necessary conditions for the adoption of the euro.










(2)


Referring also to the Commission’s and the European Central Bank’s convergence assessment, the Members of the Council representing Member States whose currency is the euro also stress the importance of the successful completion of the commitments made upon entry into the Exchange Rate Mechanism II and underline that policies need to be fully geared towards meeting the challenge of maintaining sustainable convergence, and in particular inflation convergence, of the Croatian economy in the long-run. To that end, they encourage the Croatian authorities to continue pursuing a fiscal policy that aims to achieve a prudent medium-term fiscal position and to proceed with the implementation of Croatia’s Recovery and Resilience Plan, so as to ensure a successful participation in the euro area.










(3)


The Members of the Council representing Member States whose currency is the euro expect Croatia to cooperate constructively in matters pertaining to European Stability Mechanism governance, euro area crisis management and the completion of the Economic and Monetary Union architecture,




HEREBY RECOMMEND TO THE COUNCIL OF THE EUROPEAN UNION:
The derogation regarding Croatia within the meaning of Article 139(1) of the Treaty on the Functioning of the European Union as referred to in Article 5 of the 2012 Act of Accession (1) should be abrogated with effect from 1 January 2023.

Done at Luxembourg, 17 June 2022.


For the Council


The President

B. LE MAIRE




(1)  OJ L 112, 24.4.2012, p. 21.