On January 1, Croatia will adopt the euro as its official currency and join the Schengen Area, a region of Europe where multiple visas are not required for travel and having just one Schengen visa is enough. Croatia is making the most of its position as the newest member of the EU in the Balkans.
The 4 million population country’s officials believe the development will be remembered as one of the largest victories since it earned independence from Yugoslavia 31 years ago.
The last time the country welcomed a new member state was when Croatia joined the EU in 2013. The nation has to adhere to a strict set of economic requirements, including maintaining a constant exchange rate, under control inflation, and sensible public spending, in order to accept the euro.
Croatia’s central bank had to make considerable preparations after EU finance ministers approved the country’s entry into the eurozone in July.
Only 14 days will see the dual use of the Croatian kuna as well as the euro for cash transactions, but during January’s post-holiday sales, customers will only get a change in euros.
Major Benefits of adopting Euro:
- The euro offers economic advantages due to closer financial linkages with the 19 other users of the currency and the European Central Bank.
- Additionally, it eliminates the necessity for the 340 million citizens of the present eurozone to exchange their Euros for Croatian Kuna.
- Without waiting at border checks as people from 1st January have to take just a Schengen visa to enter Croatia, which is recognized as one of the most beautiful countries in Europe.
Andrej Plenkovic, the prime minister of Croatia, referred to this in his subsequent statement, saying, “After ten years of membership (in the EU), we consciously and justifiably achieved the stage where we would become the first nation in history to join the Schengen & Eurozone’s on the same day.
Croatia is one such stunning country in the European continent which has become the newest member of the Schengen area.
Want to read more about Croatia? Know its history, Location, Facts, Geography, People and Culture
Croatia is a nation in central & eastern Europe that shares an Adriatic Sea border with Slovenia, Bosnia, and Herzegovina. Croatia is slightly larger than its neighbor, Bosnia & Herzegovina, with 56,594 km2.
The country is a popular holiday destination in Europe because of its long coastline, which comprises more than 1000 islands in the Adriatic Sea, a diversity of historic cities and villages, and a pleasant Mediterranean climate.