7 minutes agoCroatia enters Eurozone, Schengen
Periskopi(3 years ago)
(3 years ago)Croatia changed its currency to the euro on January 1st and officially entered Europe's visa-free zone, Schengen two important events for this state that was membership in the European Union almost a decade ago. At midnight, this Balkan state changed currency from kuna to euro and became a member of [...]
Croatia changed its currency to the euro on January 1st and officially entered Europe's visa-free zone, Schengen two important events for this state that was membership in the European Union almost a decade ago.
At midnight, this Balkan state changed currency from kuna to euro and became the 20th member of the Eurozone.
Also, Croatia became the 27th state to enter the passport-free travel area, Schengen, which enables free movement among member states of over 400 million people.
European Commission President Ursula von der Leyen will visit Croatia later Sunday to mark these achievements.
Experts said the use of the euro would help Croatia maintain the economy at the time when inflation has increased worldwide following the Russian invasion of Ukraine, which has increased food and fuel prices.
Croatia's inflation rate in November reached 13.5 per cent, which is the highest level compared to 10 per cent inflation in the Eurozone.
But Croats have mixed feelings of transition to euros. As they welcome entry into the Schengen zone, many are concerned that the euro transition will lead to increased prices.
“We'll cry for our kuna, prices will rise”, told about AFP, Drazen Golemac, a pensioner from Zagreb.
However, the use of the euro alone is widespread in Croatia, while about 80 percent of the bank deposits are in euros.
Officials have defended the decision to join the Eurozone and Schengen, with Croatian Prime Minister Andrej Plenkoviq, who said earlier this week that these are “2 strategic goals for deeper European integration”.
Croatia, former Yugoslav republics, with 3.9 million people, joined the EU in 2013. / REL
