As of today January 1st, Croatia has officially adopted the Euro as its currency. This change will make it easier for Croatian People to travel and do business within the European Union, as well as for the many tourists who visit the country each year. The adoption of the euro also signifies Croatia’s deeper financial ties with the European Central Bank and the currency’s 19 other countries.
To qualify for the adoption of the Euro, Croatia had to meet certain economic criteria, including maintaining a stable exchange rate and controlled inflation. The country, which has a population of 4 million and a thriving tourism industry, previously used the Croatian kuna. Both the kuna and the euro will be accepted for cash payments for a transitional period of 14 days, after which only euros will be given in change.
Many Croats see this development as a sign that their country is fully integrated into the European mainstream. The adoption of the euro will also bring benefits such as increased ease of doing business and travel within the EU.
The euro was introduced as a virtual currency on January 1st, 1999, and as physical currency on January 1st, 2002. It is now the official currency of the European Union and is used by 19 of its member countries. It is the second most traded currency in the world and is also used by several non-EU countries as an official or unofficial currency. The European Central Bank is responsible for setting monetary policy for the eurozone, which includes all countries that use the euro.