Croatian PM satisfied with acceptance of letter of intent to join eurozone

Source: Xinhua| 2019-07-09 06:11:58|Editor: Mu Xuequan
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ZAGREB, July 8 (Xinhua) -- Croatian Prime Minister Andrej Plenkovic on Monday expressed his satisfaction with the decision of the Eurogroup on accepting his country's letter of intent to join the eurozone.

"Acceptance of the letter of intent to enter the European Exchange Rate Mechanism (ERM II) is yet another confirmation of Croatia's good reform direction," said Plenkovic.

The Eurogroup meeting was held in Brussels on Monday after Croatia sent a letter of intent to the members of the eurozone, Denmark and the institutions of the European Union last week.

Plenkovic said that the acceptance of letter of intent shows that Croatia is on the right track after exiting the excessive macroeconomic imbalance procedure, returning credit rating to the investment level and GDP growth of 3.9 percent in the first quarter of 2019.

"Our letter shows willingness to implement reforms with the aim of further preparation for participation in the ERM II," Plenkovic says.

He claims that joining the eurozone is a gradual process and that with its realization Croatia will become the member of the narrowest circle of the European Union.

"This will be in favor of the Croatian economy and citizens," Plenkovic says.

In the letter of intent after the agreement reached with European institutions, Croatia committed itself to implement reforms in six areas, including the establishment of cooperation between the Croatian National Bank and the European Central Bank.

The Governor of the National Bank of Croatia, Boris Vujcic, in an interview with daily newspaper Vecernjilist on Friday said that Croatia's goal was to introduce the euro on Jan. 1, 2023.