The decision of the ERM II parties represents an important milestone in Bulgaria and Croatia's efforts to join the euro area. Both Member States must now participate in the mechanism without severe tensions and, in particular, without devaluing their currency central rate against the euro on their own initiative, for at least two years before they can qualify to adopt the euro. The Commission will continue to encourage and support the efforts of the Bulgarian and Croatian authorities to complete the process of joining the euro area.

Ursula von der Leyen, President of the European Commission said: “The euro is a tangible symbol of European unity, prosperity and solidarity. This decision recognises the important economic reforms already undertaken by Bulgaria and Croatia while confirming the continued attractiveness of Europe's single currency. We will continue to stand with both countries as they take their next and final steps towards joining the euro area.”