German media say Croatia’s eurozone membership is good for tourists

June 4, 2022 – German media have claimed that Croatia’s membership of the Eurozone, which will now take place definitively on January 1, 2023, is a good thing for tourists and travellers.

As Poslovny Dnevnik writing, the opinion and subsequent decision of the European Commission (EC) that the Republic of Croatia fulfills all the conditions for the introduction of the euro is important for Germans. The tabloid Bild put it on the cover, and many other German media are talking about it.

“Good news for everyone traveling to Croatia,” wrote Bild, whose headline pointed out that there would be no more problems with the exchange of the euro for the Croatian kuna. It is explained that the European Commission, among others, monitored “inflation and exchange rate stability” and confirmed that Croatia met the criteria. He also said that the European Central Bank had concluded the same and quoted the statement of Commission President Ursula von der Leyen, who said that the introduction of the euro will strengthen the Croatian economy, but also that Croatia’s membership of the euro zone will strengthen the euro.

The Frankfurter Allgemeine Zeitung devoted two articles to Croatia’s accession to the euro zone. One of them noted that the European Central Bank and the European Commission have determined that Croatia meets the criteria for the introduction of the euro and that this will be decided by EU finance ministers, according to Deutsche Welle.

A comment published in the economic section of the FAZ pointed out that the European Commission “knows how to adjust economic data to political wishes”.

“Such a practice can be seen with the Croatian introduction of the euro on January 1, 2023, which is now recommended by the European Commission. In doing so, it acts quite arbitrarily with the convergence criteria of the Maastricht Treaty. tripod certifies to all non-euro states (except Romania, which is a special case) that they fulfill the criteria for state budgetary stability – with the strange argument that the stability pact was repealed and that there is nothing they can violate.

In the Croatian case, the treaty has no interest in the fact that their debt amounts to around 75% of GDP, significantly more than the 60% prescribed in the Maastricht Treaty. This ignorance has its models: Italy and Belgium were admitted to the monetary union as founding countries in 1998, despite their large indebtedness, because they somehow belonged to this circle”, recalls Frankfurter Allgemeine Zeitung .

The business daily Handelsblatt also pointed out that the ECB and the European Commission have determined that Croatia meets the criteria for the introduction of the euro and that it should become the 20th member of the euro zone next year. He noted that “all EU member states except Denmark are contractually committed to one day introducing the single European currency, but governments can set the pace themselves. Sweden, for example, still has its own currency. In Eastern Europe too, some governments are in no hurry to introduce the euro because they appreciate the advantages of an independent monetary policy,” writes the Handelsblatt.

Many other German media (ARD, ZDF, Spiegel, Süddeutsche Zeitung, etc.) have also reported the green light from the ECB and the European Commission for Croatia’s entry into the euro zone in 2023.

To learn more, see our policy section.

About Norma Wade

Check Also

German finance minister breaks ranks on EU plans to scrap car by 2035 – POLITICO

BERLIN — German Finance Minister Christian Lindner said on Tuesday he does not support his …