The Croatian National Bank reported discussions at a Regional Governors’ Meeting in Pula where central bank governors from the region examined how digital assets could be integrated into the traditional financial system without weakening financial stability, consumer protection or monetary sovereignty. In remarks at the event, Governor Boris Vujčić said a digital euro would complement cash rather than replace it or bank deposits, and argued that stablecoins are not an immediate systemic threat to the euro area but do raise strategic issues for monetary sovereignty, monetary policy transmission and financial stability. Vujčić said stablecoin use in everyday payments remains limited in Croatia and across the euro area, but the market is highly concentrated in USD instruments, with global USD-denominated stablecoin capitalisation rising from more than USD 130bn in late 2023 to more than USD 300bn in early 2026, while euro-denominated stablecoins remain around EUR 600m. He said the EU's crypto-asset market regulation, MiCA, has reduced risks through safety reserve, redemption, publication and authorisation requirements, and that authorities should monitor stablecoin growth while supporting European payment solutions including the digital euro. He also described EU financial integration as likely to be gradual, with the clearest near-term progress in payments and with pan-European end-user solutions needed alongside real-time payment infrastructure. On Croatia's inflation, Vujčić said the increase since the start of the year was driven mainly by the external energy price shock following the war in the Middle East and by the delayed withdrawal of electricity, gas and heating subsidies. Food inflation slowed to 3.7% in April, core inflation eased to 3.7%, industrial goods inflation fell to -0.7% in March and April, and services inflation stayed elevated at 7.3%, reflecting strong labour market conditions, wage growth and domestic demand.
Croatian National Bank2026-05-15
Croatian National Bank hosts regional governors meeting on digital assets with focus on digital euro and stablecoin risks
The Croatian National Bank said regional central bank governors discussed integrating digital assets into the financial system while safeguarding stability, consumer protection and monetary sovereignty. Governor Boris Vujčić said a digital euro would complement cash and deposits and warned that stablecoins, though not yet systemic, pose strategic risks and require close monitoring under the EU’s Markets in Crypto-Assets Regulation. He noted the dominance of U.S. dollar stablecoins over euro instruments and urged support for European payment solutions, including the digital euro. Vujčić attributed Croatia’s recent inflation mainly to external energy shocks and subsidy withdrawal, citing easing food, core and industrial goods inflation but persistently high services inflation driven by a strong labour market and domestic demand.