Ranking of the top 30 countries with currencies in the world (ranking of the bottom 10 currencies in the world)

Source: ** Economic Network

European Central Bank President Lagarde, European Commission Commissioner for Economic Affairs Gentiloni and Croatian Finance Minister Maric recently signed an agreement in Brussels, Belgium, stipulating that Croatia will The country will become the 20th member of the euro zone when it switches to the euro on January 1. Maric said that this day is an "important and historic moment" for Croatia.

After officially becoming an EU member state in July 2013, Croatia expressed its willingness to join the Eurozone. In the past 10 years, in order to meet the standards of the Eurozone, Croatia has made great efforts to maintain the stability of prices, exchange rates and long-term interest rates, and to control the total government debt. In early June this year, the European Commission stated in its "2022 Convergence Report" that among the countries evaluated, Croatia is the only candidate country that meets all criteria at the same time, and the country's conditions for adopting the euro are mature.

Croatian authorities are prepared for possible price increases caused by the adoption of the euro. By studying the experience of countries such as Malta, Slovenia and Slovakia, the Croatian Central Bank found that within one year after the adoption of the euro, commodity prices in various countries generally increased by 0.2 to 0.4 percentage points, mainly due to "rounding" during currency exchange. According to the agreement, Croatia’s national currency, the kuna, will be converted into euros at an exchange rate of 7.5345:1. In order to achieve a smooth transition before the currency change, starting from September this year, most stores in Croatia will mark product prices in both kuna and euros.

Overall, joining the Eurozone will bring benefits to the Croatian economy. Market analysts believe that tourism is one of the pillars of Croatia's economy, and switching to the euro will bring more convenience to foreign tourists. Not only that, Croatia will receive a more stable exchange rate and a higher credit rating. As Vujcic, Governor of the Croatian Central Bank, pointed out, currency risks will disappear to the greatest extent, and for investors, Croatia will be more attractive and safe during times of economic crisis. Vujcic believes that joining the euro zone will bring "concrete, direct and comprehensive benefits" to the country's citizens and entrepreneurs.

The Eurozone wants to show "unity" and "strength" by expanding its capacity at this time. Affected by factors such as the Russia-Ukraine conflict, the European economy is in trouble. For some time, the volatility in the European debt market has intensified, and the inflation rate in the euro area has continued to rise. On July 12, the euro even fell to the same level as the U.S. dollar, a rare phenomenon that reflected the market's high concern about the uncertainty of the European economic outlook. European Commission Executive Vice President Dombrovskis believes that in such challenging times, Croatia's move to join the euro area proves that the euro remains an "attractive, resilient and successful global currency" and is Europe's first choice. A symbol of strength and unity.

Since the euro was officially put into circulation in 2002, it has now become the legal tender currency of 19 countries. Bulgaria was allowed to enter the "European Exchange Rate Mechanism", also known as the "Euro Zone Waiting Room", at the same time as Croatia in July 2020. However, the European Commission believes that due to the high inflation rate and the lack of integration of the legal system with the EU, Bulgaria still does not fully meet the required conditions, and it may still take some time to join the euro area.

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