According to a final evaluation by the EU Commission, Croatia fulfills the requirements for the introduction of the common currency, the euro. The EU country is “ready to introduce the euro on January 1, 2023,” the Commission said in Brussels on Wednesday. This would allow the pending EU decisions on the changeover to be made.

Croatia plans to replace its national currency, kuna, with the euro from January 1 next year. The approval now granted by the Commission was necessary for this.

The Brussels authority found that Croatia met the necessary criteria. Among other things, the Commission analyzed inflation and the stability of exchange rates in the country, which has been part of the EU since 2013.

Croatia’s entry into the euro zone will strengthen Croatia’s economy and “also strengthen the euro,” said Commission President Ursula von der Leyen (CDU). A report released by the European Central Bank on Wednesday also concluded that Croatia has met the requirements for adopting the euro.