Croatia to start spending Euro Currency in 2023

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The European Commission said Wednesday that Croatia had met all the criteria to join the eurozone, paving the way for the country to become the single currency's 20th member on January 1.

Croatia's switch from the kuna to the euro will come less than a decade after the former Yugoslav republic joined the European Union, setting a new milestone in the bloc's further integration.

The EU's executive said Croatia had met the strict conditions to be part of the single currency, including keeping inflation in the same range as its EU peers, as well as embracing sound public spending.

Joining the single currency "will make Croatia's economy stronger, bringing benefits to its citizens, businesses and society at large," said European Commission President Ursula von der Leyen.

"Croatia's adoption of the euro will also make the euro stronger," she added.

The European Central Bank also gave a positive opinion in a separate report released on Wednesday.

Croatia expressed willingness to adopt the single currency upon joining the EU in 2013, and Brussels' decision comes as the euro has just celebrated its 20th anniversary.