As of today Hrvatska narodna banka,
Croatia's national central bank, is a member of the European
System of Central Banks (ESCB) and its Governor a member of the
General Council of the European Central Bank. In addition,
experts from Hrvatska narodna banka have member status in ESCB
Committees whenever the committees meet in ESCB composition.
Since the signing of the Accession
Treaty in December 2011, the Governor of and experts from
Hrvatska narodna banka had been participating as observers at
meetings of the General Council and the ESCB Committees
respectively.
Croatia will not adopt the euro
immediately but will do so once it has fulfilled the
requirements laid down in the Treaty on the Functioning of the
European Union. Unlike Denmark and the United Kingdom, Croatia
does not have the right to opt out of adopting the single
currency.
Both the ECB and the European
Commission will prepare convergence reports every two years, or
at the request of a Member State which has not yet adopted the
euro. These reports provide the basis for the EU Council's
decision on whether the Member States concerned fulfil the
necessary conditions for adopting the euro.
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