Croatia: By switching to the Euro, Croatia has entered Europe's passport-free zone. Croatia, a former Yugoslav republic of 3.9 million people, joined the European Union in 2013. At midnight (23.00 pm Irish time on Saturday) the Balkan country bid farewell to its "kuna currency" and became the 20th member of the eurozone after joining the EU nearly a decade ago. It is the 27th country in the world's largest passport-free Schengen zone, which enables more than 400 million people to move freely around its members.
Experts say adoption of the euro could help protect Croatia's economy at a time when inflation is soaring worldwide following Russia's invasion of Ukraine. But feelings among While they welcome the end of restrictions, some worry about the euro changing, which right-wing opposition groups say will only benefit big countries like Germany and France. Many Croatians fear that the introduction of the euro will lead to an increase in prices - especially as businesses will increase price points as they convert.
The euro was already a measure of value - psychologically it's nothing new - while entry into Schengen is fantastic news for tourism, although the use of the euro is widespread in Croatia.
Croatians have long valued their most valuable assets, such as cars and apartments, in euros, expressing a lack of confidence in the local currency. About 80% of bank deposits are in euros, and the main trading partners are in the eurozone.
European Commission President Ursula von der Leyen met with Croatian Prime Minister Andrej Plenkovic. Officials defended the decision to join the eurozone and Schengen, which Prime Minister Andrej Plenkovic said were "two strategic goals of deeper EU integration".
"The euro certainly provides (financial) stability and security," said Ana Sabic of the Croatian National Bank (HNB). Experts say adoption of the euro will reduce borrowing costs despite economic difficulties. Croatia will still have strict border checks on its eastern border with non-EU neighbors Bosnia, Montenegro and Serbia.
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