Finance Minister: Advantages of adopting euro are “considerable and lasting”

NEWS 21.09.2022 22:18
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Source: Image by Willfried Wende from Pixabay

Croatia will have considerable and lasting advantages from adopting the euro, which will enable it to be economically stronger and more resilient to the current and future crises, Finance Minister Marko Primorac said in parliament on Wednesday.

“At the moment, I see no danger whatsoever concerning the introduction of the euro,” he said in a debate on amendments to 60 laws which are necessary for introducing the euro.

Entering the euro area will eliminate the currency risk and conversion costs, the financial and economic systems will be more resilient to crises, competitiveness will be stronger and foreign direct investment stimulated, Primorac said.

The current inflation has nothing to do with introducing the euro, he said, adding that prices grew only 0.2-0.4% on average in other countries after they switched to the euro.

The opposition Sovereignists and Most parties did not share his opinion.

Marijan Pavlicek of the right-wing Sovereignists party said it was insane and politically irresponsible to join the euro area during the greatest financial uncertainty and energy crisis.

Bozo Petrov of the conservative populist Most party said it was neither reasonable nor sensible to introduce the euro at this time.

“I don’t know when would be the time if not now,” said Primorac. If we didn’t introduce the euro, we would probably depreciate the kuna, which would be an even bigger blow to citizens, he added.

Boris Lalovac of the opposition centre-left Social Democratic Party (SDP) said introducing the euro was good for a number of reasons but that it should be explained to citizens more clearly.

Zvane Brumnic of the opposition Social Democrats has nothing against the euro but called on the government to find policies which could show more clearly which position Croatia wanted to take in Europe.

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