La presente informativa è resa, anche ai sensi dell’art. 13 del D. Lgs. 196/2003 “Codice in materia di protezione dei dati personali” (“Codice Privacy”) 
e degli artt. 13 e 14 del Regolamento (UE) 2016/679 (“GDPR”), a coloro che si collegano alla presente edizione online del giornale Tribuna Economica di proprietà di AFC Editore Soc. Coop. 

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The Commission welcomes the decision to include the Bulgarian lev and the Croatian kuna in the Exchange Rate Mechanism II (ERM II). It also welcomes the ECB Governing Council's decision on close cooperation with both countries,

marking their entry into the Banking Union.

The decision of the ERM II parties represents an important milestone in Bulgaria and Croatia's efforts to join the euro area. Both Member States must now participate in the mechanism without severe tensions and, in particular, without devaluing their currency central rate against the euro on their own initiative, for at least two years before they can qualify to adopt the euro. The Commission will continue to encourage and support the efforts of the Bulgarian and Croatian authorities to complete the process of joining the euro area.

Participation in ERM II will help to strengthen the resilience of Bulgaria and Croatia's economies. It will help both countries to focus their policies on stability, foster their convergence and eventually support them in their efforts to adopt the euro.

The Commission also welcomes the fact that Bulgaria and Croatia are committed to maintaining the reform momentum and to achieving sustainable economic convergence towards the adoption of euro. To that end, they have each committed to implement further reforms during their participation in ERM II in accordance with the stability-oriented purpose of the mechanism.

Bulgaria and Croatia each undertook a number of policy commitments designed to ensure a smooth transition to, and participation in, the ERM II. The ERM II parties tasked the Commission and the European Central Bank (ECB) to monitor the effective implementation of these commitments within their respective areas of competence. These assessments provided the basis for the ERM II parties to include the Bulgarian lev and the Croatian kuna in the ERM II.

Bulgaria.   The Commission monitored the implementation of Bulgaria's commitments in the following policy areas: the supervision of the non-banking financial sector, the insolvency framework, the anti-money laundering framework, the governance of state-owned enterprises.

The Commission's assessment deemed that those four commitments have been effectively fulfilled by the Bulgarian authorities and it has presented this positive assessment to the ERM II parties.

Croatia.   The Commission monitored the implementation of Croatia's commitments in the following policy areas: the anti-money laundering framework; the collection, production and dissemination of statistics; public sector governance; the financial and administrative burden on enterprises.

The Commission's assessment deemed that those four commitments have been effectively fulfilled by the Croatian authorities and has presented this positive assessment to the ERM II parties.