ECB Opens Euro Waiting Room Door For Croatia, Bulgaria

Law360, London (July 13, 2020, 1:42 PM BST) -- The European Central Bank has allowed Croatia and Bulgaria into the euro-area's waiting room as they hope to join the single currency, after the member states committed to policy reforms to help ensure financial stability.

The ECB said Friday it agreed with finance ministers in the euro-area that Croatia and Bulgaria can join the bloc's European Exchange Rate Mechanism, which stabilizes currencies. Joining the mechanism, known as ERM II, is a requirement for a country adopting the euro.

The European Union central bank agreed to include the Croatian kuna and the Bulgarian lev in the mechanism, which manages the currencies against...

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