Croatia gears up for Euro switch amid soaring inflation
Eurozone Inflation slows to 10 per cent in November
In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation.
To join the eurozone as the 20th member, Croatia will say goodbye to its currency, the kuna, on January 1.
The former Yugoslav Republic, which joined the European Union almost ten years ago, reported an annual inflation rate of about 13 per cent in September, compared to 10 per cent in the eurozone.
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Authorities have often emphasised the benefits of adopting the euro for the nation's 3.9 million residents in the run-up to the switchover.
"The euro brings resilience," Ana Sabic of the Croatian National Bank told AFP, arguing that Zagreb will, if needed, have access to more favourable borrowing conditions amid economic hard times.
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The European Central Bank has been implementing a monetary tightening strategy since July in an effort to tame the inflation that has exploded due to skyrocketing oil and food costs brought on by Russia's war in Ukraine.
Analysts continue to claim that eastern European EU nations like Poland and Hungary, whose currencies are not pegged to the euro, have been significantly more susceptible to rising inflation.
(With inputs from agencies)
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