Welcoming New Year with Eurozone and Schengen area
Croatia is welcoming New Year by entering the Eurozone and Schengen area
Croatia entered the EU in 2013 and adopted the euro as its currency on 1st of January 2023, becoming 20th member state of the eurozone. It becomes the 27th country to join the Schengen area.
Croatia now joined a community of 347 million Europeans who use the euro in their daily lives. Through this movement, Croatia became the first country that has joined Schengen zone in 11 years.
What does this means for Croatia?
This movement is allowing people from Croatia to travel freely through EU member countries without border controls which means frontier identity checks are now a thing of the past. Being the 20th country that has adopted the Euro currency, experts are saying the adoption of the euro will shield Croatia's economy at a time when inflation is soaring worldwide.
The goal of making the currency for many different countries was to connect the counties that belong in the same zone and to use all the possible advantages such as the free movement between people, goods, services, and capital.
The euro eliminates transaction costs, eliminates cross-currency fluctuations within the euro area. It reduces exposure to currency risk and facilitates trade and increases the resilience of economies to crises.
The euro contributes to more stable economic opportunities and growth, increased investment, and new jobs.