Croatia Adopts Euro and Entered Europe’s Borderless Zone

Croatia has achieved two major milestones following its admittance into the European Union almost a decade ago. Firstly, the country has converted to the Euro, making it the 20th member of the Eurozone. Secondly, Croatia has joined the Schengen zone, a passport-free travel zone encompassing 27 nations, allowing its inhabitants to travel unimpeded across its borders. The transition to the Euro is expected to protect Croatia’s economy during a time of rising global inflation, which has been exacerbated by the invasion of Ukraine by Russia. There are also expectations that entry into the Schengen Area may provide a useful stimulus to Croatia's tourism industry, making up 20% of its GDP.

IMPORTANT POINTS TO REMEMBER

  1. Croatia recently joined the Eurozone and the Schengen Area.
  2. Their transition to the Euro is believed to protect their economy from global inflation.
  3. The Schengen Area is a group of 27 European nations that have abolished passport control and is expected to boost their key industry, tourism.
  4. The Eurozone is a group of 20 of the EU's 27 member states that have adopted the Euro as their sole legal currency.

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