Croatia or The Republic of Croatia is a country located in the northwestern part of the Balkan Peninsula. The country recently became a part of the Eurozone union on 12th July, it will become the 20th country to be a member of the eurozone. Croatia has used Euro as its reference currency with its national currency ‘Kuna’ for a very long time and to adopt Euro as its currency the country has to fulfill the criteria of euro convergence.
This change came because Euro’s value touched $1 for the first time in 20 years. Croatian PM announced that the Euro would be adopted from 1st January 2023 in the country. The estimated cost predicted by The Croatian Ministry of Finance for the changeover from Kuna to the euro is around 2 billion.
What is Eurozone Union?
The Eurozone is officially known as Euro Area. It is the union of all the countries which use the euro as their currency and its geographical and economical region consists of all European Union countries. But not all European nations participate in the eurozone, some use their own currency. The union consists of 19 member countries as of current times.