Croatia has officially applied to join the euro
Zagreb’s finance ministry and central bank sent a letter of application — obtained by POLITICO — on Thursday to the European Commission’s euro chief, Valdis Dombrovskis, and Mario Draghi, European Central Bank president.
ERM II will put the ECB in charge of the country’s monetary and exchange-rate policy, with the aim of keeping Croatia's kuna at a consistent value in euro terms. Frankfurt and Brussels also will help the government prepare for adoption of the common currency. The country will join the banking union — putting its lenders under ECB supervision — and boost anti-money laundering safeguards, while bolstering protections for borrowers.
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