The European Commission has given Croatia the green light to adopt the euro. The EU country is “ready to introduce the euro on January 1, 2023,” the Commission said in Brussels on Wednesday.

Croatia intends to replace the previous currency kuna with the euro starting next year. The approval now granted by the Commission was necessary for this. The Brussels authority found that Croatia met the necessary criteria. Among other things, the Commission analyzed inflation and the stability of exchange rates in the country, which has been part of the EU since 2013.

Croatia’s entry into the euro zone will strengthen Croatia’s economy and “also strengthen the euro,” said Commission President Ursula von der Leyen (CDU).

A report released by the European Central Bank on Wednesday also concluded that Croatia has met the requirements for adopting the euro.

Of the 27 EU member states, 19 currently have the euro as their currency. In addition to Croatia, there are national currencies in Denmark, Bulgaria, Sweden, Romania, Hungary, Poland and the Czech Republic.

Now the member states still have to agree to Croatia’s conversion to the common currency. This is expected to happen in the summer.