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Remarks by Commissioner Gentiloni at the Eurogroup press conference

The latest episode of Real Economy on Euronews examines how Russia's war in Ukraine is impacting Europe's economy and asks what next?

"The Commission considered that Croatia is ready to adopt the euro beginning 1 January 2023. And I'm pleased that there was full support today among all ministers for our conclusion and for the adoption of the necessary legal acts. Please, recall where Croatia is coming from. Not only what they are doing now, the importance of the Government's achievement, but the fact that in the 1990s Croatia was in a war – a terrible war. And the fact that now they are joining the single currency is incredibly positive for the country and for our Union."

"With the course of the war and the reliability of gas supplies unknown, this forecast is subject to high uncertainty and downside risks. To navigate these troubled waters, Europe must show leadership, with three words defining our policies: solidarity, sustainability and security."

At a meeting of the Eurogroup on 16 June, euro area economy and finance ministers discussed the euro introduction by Croatia, based on the convergence reports by the Commission and the ECB.

The Commission welcomed the political agreement reached on 7 June between the European Parliament and the EU Member States on the Directive on adequate minimum wages.

The Commission has proposed an annual EU budget of €185.6 billion for 2023, to be complemented by an estimated €113.9 billion in grants under NextGenerationEU.

On 16 June, the Commission published its annual Flash Eurobarometer on the introduction of the euro in the Member States which have not yet adopted the common currency.

Brussels Economic Forum: highlights of 2022 and ideas for 2023

The European Commission, on behalf of the EU, disbursed €300 million in macro-financial assistance (MFA) on 25 May to support the Tunisian people.

The European Commission, on behalf of the EU, disbursed €600 million in Macro-Financial Assistance (MFA) to Ukraine on 20 May.

At a Eurogroup meeting on 23 May, euro area economy and finance ministers discussed macro-economic developments in the euro area and the appropriate policy response based on the Commission’s Spring Economic Forecast.

The European Commission's 2022 European Semester Spring Package provides Member States with support and guidance two years on from the first impact of the COVID-19 pandemic and in the midst of Russia's ongoing invasion of Ukraine.

The European Commission has given a positive assessment of Poland's recovery and resilience plan, an important step towards the EU disbursing €23.9 billion in grants and €11.5 billion in loans under the Recovery and Resilience Facility (RRF).

“Today marks a historic milestone on Croatia's European journey, reflecting the determined efforts the Croatian authorities have made to meet the criteria for entry into the euro area. The Croatian people can now look forward to joining more than 340 million citizens already using the euro as their currency, a rock of stability in these turbulent times. And in the year in which we celebrated the twentieth anniversary of the euro's birth as a physical currency, the euro area as a whole can now look forward to welcoming its twentieth member.”

The European Commission has concluded that Croatia is ready to adopt the euro on 1 January 2023, bringing the number of euro area Member States to twenty.

Assessment of Member States with a derogation regarding their fulfilment of the conditions for euro adoption.

Remarks by Executive Vice-President Dombrovskis and Commissioner Gentiloni at the European Semester 2022 Spring Package press conference

The European Investment Bank (EIB) has signed a €29 million loan with dairy producer E-Piim Tootmine in Estonia to support the construction of a dairy plant.

The European Investment Fund (EIF) has made an initial investment of €70 million in the Sustainable Maritime Infrastructure Fund, managed by Eurazeo. The EIF investment is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.