Croatia and Bulgaria Enter Preliminary Phase of Introducing Euro as Currency | Beta Briefing

Croatia and Bulgaria Enter Preliminary Phase of Introducing Euro as Currency

Source: Beta/N1
SEE Business / Region | 13.07.20 | access_time 12:17

Money

Croatia and Bulgaria have been admitted to the European Exchange Rate Mechanism (ERM-2), which is the preliminary phase for adopting the euro as currency in the next three years, the European Central Bank has said in a press release. 

Analysts say that this opens the way to the first euro zone expansion since 2015, when Lithuania joined the monetary union, N1 TV’s website reports. 

When countries enter the Mechanism, they stay in it for about two years before they start making practical preparations for accessing the euro zone, and that is a process that takes about a year, which is why the new members will be admitted in 2023 at the earliest.

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