ECB Head Lagarde says the Euro remains attractive
2023.01.01 12:56
ECB Head Lagarde says the Euro remains attractive
Budrigannews.com – Christine Lagarde, president of the European Central Bank, stated that the newest member of the currency union demonstrates that the euro has long-term appeal.
Lagarde said in a statement on Sunday, “Croatia worked hard to become the 20th member of the euro area, and it succeeded.” It demonstrates that the euro is a desirable currency that promotes stability among its members.
The war-torn nation of 3.9 million people on the Adriatic Sea recently completed its transformation and became the latest nation to join the largest currency zone in the world. Additionally, it means that Boris Vujcic, governor of the Croatian National Bank, has joined the ECB Governing Council, which now includes 26 policymakers.
Two other euro hopefuls do not have the same luck. Internal strife has hampered Romania’s bid for membership, as evidenced by the highest rate of government turnover in the European Union.
Bulgaria, the poorest country in the bloc, wants to join in 2024, but European officials are skeptical that the country’s economy and scandal-ridden banking system are ready for currency success.
The Czech Republic, Hungary, Poland, and Sweden do not appear to be interested in adopting the euro, despite the fact that this is actually a requirement for joining the EU. Denmark, which secured an opt-out prior to the currency’s introduction, is also unmoving.
In a separate interview that was published on Saturday by the Croatian newspaper Jutarnji list, Lagarde stated, “Only six EU member states are not members of the club,” with the exception of Denmark. That is fine if they require additional time. We will gladly add more countries to the Euro Area if they meet the requirements and want to join.
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