(Image source: The European Parliament / GTI Gazette)

BY ORKIDE IZCI

Big news from Europe as the European Union picks up a new member. Friday, Croatia’s president and premier signed the Treaty of Accession in Belgium, putting the Balkan state on the road to full membership.

Euronews has the story.

“Croatia is set to become the 28th member of the European union in July 2013. The ex-Yugoslav state was rewarded with membership following deep economic and democratic reforms. EU politicians hope Croatia’s membership will persuade other countries in the Balkans that reforms pay off, and will accelerate democratic transition in the region which was torn by ethnic wars in the 1990’s.”

Until it gains full membership, Croatia will participate as an active observer, meaning it will be involved with proceedings but lack voting rights. And as BusinessWeek explains, Croatia still has some hurdles to pass. (Video source: EUX.tv)

“Membership, which will provide Croatia with hundreds of millions of euros in EU regional development subsidies, needs to be approved by a popular referendum, which will probably be held in February. The next step is ratification by all EU countries. A single veto could derail membership.”

Friday’s treaty signing has been largely overshadowed by the other EU Summit talks. And with European leaders scrambling to fix the eurozone debt crisis, a writer for International Business Times says Croats might decide joining the EU simply isn’t in their best interest.

“The truth is, as much as the media, politicians and Brussels and Berlin like to posit otherwise, Croats are indifferent to the thought of ascendancy into Europe's elite bloc of the fiscally inept in 2013. … And therein lies the rub. Because for all the talk of Croatia's becoming Europe's 28th member, many seem to overlook the referendum as a foregone conclusion. It shouldn't be.”

A writer for Financial Times says the country was hit especially hard by the 2008 recession, and EU or no EU the future looks grim.

“Despite strong Adriatic tourism receipts, Croatia has been the slowest country in central or south-eastern Europe to return to positive growth. .. Uniquely in the history of EU enlargement into ex-communist eastern Europe, Croatia has failed to receive any visible economic or investment boost from its imminent accession.”