More than nine years after Croatia became the EU’s newest member, the country is on a roll to make the most of its status.
Croatia is adopting the EU’s common currency, the euro, and joining the Schengen Area, Europe’s visa-free travel area, on Jan. 1.
Officials in the nation of 4 million people say the developments would be remembered as one of the country’s biggest achievements since it gained independence during the breakup of Yugoslavia 31 years ago.
Photo: AFP
Adopting the euro offers economic benefits stemming from deeper financial ties with the currency’s 19 other users and with the European Central Bank. It also means that the 340 million people who live in the eurozone would no longer need to exchange their euros for Croatian kuna and can enter the country known for its stunning Adriatic coastline without stopping at border controls.
“After 10 years of membership [in the EU], we intentionally and deservedly reached the stage where we would become the only country in history to join the Schengen and eurozones on the same day,” Croatian Prime Minister Andrej Plenkovic said. “Some countries achieved the two goals one after another over a relatively short period of time, but none achieved both on the same day.”
The changes “will have a transformative impact on our economy,” he added.
Photo: AFP
However, not all Croats are so excited by the upcoming changes, especially the phasing out of the country’s currency.
Some are sentimental about the kuna, which was introduced to secure monetary autonomy after Croatia’s split from the former Yugoslavia during the 1991-1995 Croatian War of Independence.
“The kuna was a symbol of Croatia’s independence. We were all attached to it, so it will be a bit hard to get over its disappearance,” said Vladislav Studar, a veteran of the war between the forces of Croatia’s government and those loyal to the Serb-controlled Yugoslav army. “But what can we do? Life goes on,”
Stela Roso, a Zagreb resident, agreed, saying: “It is a bit sad that we will no longer use the kuna because it was unique to our country, but in practical terms, [the currency switch] will make no difference to me.”
Croatia joined the EU in 2013, the last time the country admitted a new member nation. To adopt the euro, the country had to fulfill a set of strict economic conditions, including having a stable exchange rate, controlled inflation and sound public spending.
After EU finance ministers in July gave Croatia the green light to join the eurozone, the country’s central bank had to make extensive preparations.
“We secured the [euro] banknotes for front-loading and the full volume needed for next year, and we are almost done minting the needed 600 million coins. Around 93 percent of that number has already been minted,” Croatian National Bank Currency Area Executive Director Tihomir Mavricek said.
The kuna and the euro would be in dual use for only 14 days, but as people enjoy post-holiday sales next month, they would receive only euros in change.
However, many Croats prepared in advance.
“Since mid-August ... the amount of the kuna in circulation dropped by 12 billion [US$1.7 billion],” Mavricek said. “So we have around two-thirds, or some 22 billion kuna, left to phase out.”
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