Interest rates on long-term housing loans have continued to range within the Eurozone interval due to relatively higher interest rates on this type of loans in Slovenia than in Croatia. These interest rates in the Eurozone are sensitive to ECB moves (interest rate reduction); while in Croatia they are mostly defined by the risk premium increase. For that reason, these interest rates have not decreased in Croatia in the recent months. Such trends are similar to those in EU member states which are not in EMU. System risk, mostly related to non-membership in EU and EMU, restricts the possibility for Croatia to feel benefits from reduction of ECB interest rates. Best way of fight for reduction of interest rates is the elimination of all risk forms through implementation of reforms, as fast joining the EU and EMU as possible and – first of all, fiscal consolidation.