Council adopts legal acts enabling Croatian euro introduction on 1 January 2023
date: 14/07/2022
One of the legal acts sets the conversion rate between the euro and the Croatian kuna at 7.53450 kuna per 1 euro. Euro area economy and finance ministers had discussed the proposal the preceding day in preparation for the decision by the Council. They also discussed macro-economic developments and policy challenges in the euro area in the current global context and the budgetary situation in the euro area, reaching a common view on fiscal policy orientations for 2023, as well as the potential impacts of a digital euro on the financial system and the use of cash. At their meeting on 12 July, in addition to Croatian euro adoption, EU economy and finance ministers decided to urgently provide €1 billion of additional macro-financial assistance to Ukraine. They also exchanged views on the implementation of the Recovery and Resilience Facility, current legislative proposals in the field of financial services, and the Czech Presidency’s work programme. The Council approved conclusions on the 2022 in-depth reviews under the macroeconomic imbalance procedure and the EU terms of reference for the G20 meeting of finance ministers and central bank governors. It also adopted conclusions in response to the Commission’s 2021 fiscal sustainability report as well as a decision addressing the current food security crisis and economic shock in African, Caribbean and Pacific (ACP) countries.