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World Affairs, Economy
Mahesh

03/01/23 09:06 AM IST

Croatia adopts the Euro

In News
  • Croatia has switched to the European currency – the euro – and joined Europe’s border-free Schengen zone.
Significance
  • The euro was already widely used in the country, with about 80% of bank deposits denominated in the currency and many shops and restaurants in tourist areas accepting payment in euros.
  • The adoption of the euro is expected to improve borrowing conditions in Croatia and shield its economy at a time when inflation is soaring worldwide.
  • The inclusion of Croatia in the Schengen zone, which allows for passport-free travel between 26 European countries, is expected to boost tourism in the country.
  • The new Croatian euro coin will depict scientist Nikola Tesla on one side. It will also feature a map of the country and the national checkerboard design.
  • Croatia becoming a member of the euro area will help the nation with a four million population to protect its economy amid soaring inflation in the wake of the Russian war in Ukraine.
Source- The Hindu

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