EC report: Smooth and efficient introduction of the euro in Croatia
A European Commission (EC) report issued on June 30 on the introduction of the euro in Croatia concludes that the changeover was smooth and efficient.
Croatia joined the euro zone on January 1 2023.
The report finds that preparations for the changeover went according to plan, and that the public information campaign co-financed by the Commission provided timely, targeted and concise information to citizens, the EC said.
Eighty-eight per cent of citizens felt well informed about the introduction of the euro and 61% found the process to be smooth and efficient, according to a Eurobarometer survey released a month after the changeover.
The two-week dual circulation period, when both the kuna and the euro were in circulation, went smoothly. More than 80 per cent of Croatian retailers joined a code of ethics to ensure accurate dual pricing of goods.
Public concern about the possible impact of the changeover on prices was understandable, particularly in a high inflation environment.
The report considers that the Croatian authorities took all necessary steps to prevent abusive practices, and that the impact of unwarranted price increases on aggregate inflation seems to have been relatively small and broadly in line with what was observed in previous changeovers.
Kuna cash can still be changed at commercial banks until the end of 2023.
After that date, the Croatian National Bank will change kuna coins until the end of 2025, and kuna banknotes without any time limit.
The report includes recommendations for future changeovers on how to intensify price monitoring and how to roll out a code of business conduct at an early stage of changeover preparations.
(Photo: EC Audiovisual Service)
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