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Croatia officially enters the Euro

2022-07-12 22:26:36Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Croatia officially enters the Euro
Croatia officially enters the Euro

Croatia is officially the 20th member of the Eurozone. The inclusion in the bloc that uses the common currency comes at an unfavorable time, when inflation has reached the stratosphere and when member countries continue the trend of rounding prices when a new country joins.

But regardless of the situation, for the small Balkan country it is a unique moment after joining the EU in 2013 and after the brutal armed conflict of the 90s. Also, joining the Eurozone is seen as an indicator of further European integration.

"This is a big day for the EU and for the European monetary union. The fact that Croatia will become the 20th country of the Eurozone is a clear signal that European integration continues, despite all the challenges we face. This is a strong and positive message for all our citizens, who are customers of our markets," said Zdravko Maric, Minister of Finance in Croatia.

While geopolitical factors such as the war in Ukraine are leading to a weakening of the currency, putting the euro on par with the dollar for the first time in 20 years, the long-term outlook for Croatia in the eurozone is seen as a stabilizing factor both politically and economically , as it facilitates investments and lowers exchange costs.

"It is already clear that Croatia, which not long ago suffered from war and destruction, is a full-fledged member of the core of the European Union. Such a thing, in my point of view, will bring to the country a decrease in inflation, monetary stability, a decrease in interest rates and the political influence enjoyed by a member country," stated Jacob Kirkegaard from the Marshall Fund in Germany.

Croatia will become a full member of the Governing Council of the European Central Bank on January 1, when it starts using the euro.

A more tangible effect is the fact that none of the current 340 million Eurozone residents visiting Croatia will need to exchange their money any more.

Joining the eurozone also has political rewards, as the single currency is Europe's most ambitious project to integrate states, giving them a seat at the European Union's main decision-making tables.

The national currency that Croatia will abandon is called the kuna. One of the three legal acts approved on Tuesday sets the exchange rate between the euro and the Croatian kuna at 7.53 kuna for 1 euro.


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