Bulgaria, Croatia enter euro waiting room

Bulgaria and Croatia officially entered the waiting room to join the euro on Friday.

The European Central Bank announced that the two countries entered into the revised Exchange Rate Mechanism, known as ERM II, after completing a series of preconditions to strengthen the economy and banking industry.

Sofia and Zagreb will now peg their national currencies to the euro while the ECB keeps a close eye on their economies for at least two years.

That means they could enter the euro club as soon as January 2023. Lithuania was the latest and 19th country to join in 2015, after 11 years in the waiting