2662) Introduction of the Euro as the Official Currency of the Republic of Croatia: Hrvatska Posta (Croatian Post) has issued a postage stamp of 1.14 Euro celebrating the inclusion of the country in the Euro Area (EU): Date of Stamp issue: 25.01.2023:
About Introducing Euro as the Official Currency of the Republic of Croatia:
On 01.01.2023 Croatia adopted the Euro and became the 20th member of the Euro Area.
The assessments set out in the 2022 convergence reports of the European Commission and the European Central Bank paved the way for the first enlargement of the Euro Area since Lithuania joined in 2015.
Ten years after becoming a member of the European Union, as of 01.01.2023, Croatia has become a member of the Euro Area – the single monetary area of the second strongest currency in the world. The Euro is now Croatian money.
By introducing the Euro, Croatia has fulfilled the strategic goal that gives full meaning to its membership in the European Union - the Euro will play a major role for a better and safer life for Croatian citizens and for Croatian economic growth.
The aim of the introduction of a common currency was to deepen the connection between the Member States and facilitate the exploitation of all the advantages of the single market, with the free movement of people, goods, services, and capital.
The Euro removes transaction costs, it settles inter-currency changes within the euro area, and, for euro area members who largely trade with other euro area members, it reduces exposure to currency risk, facilitates trade and increases the resilience of economies to crises.
Overall, the euro contributes to more stable economic opportunities and growth, greater investment and new jobs.
The European Economic and Monetary Union (EMU), with the Euro as its common currency, was established on the basis of three phases:
In the first phase, the freedom of capital movement within the EU was established, cooperation between national central banks was strengthened, and the degree of coordination in the area of fiscal policy was also increased.
In the second phase, the most important activities were the establishment of the European Monetary Institute, which later became the European Central Bank (ECB), and the strengthening of the institutional independence of central banks.
In addition to this, at this stage, the Member States focussed on the prudent conduct of economic policy in order to improve their macroeconomic indicators, and thus meet the criteria for the introduction of the Euro.
The third & final phase saw the introduction of the Euro as a unit of account in 1999, which marked the beginning of the third, final phase of the establishment of the EMU.
The currencies of the Member States were then irreversibly fixed in relation to the Euro, the authority to conduct a common monetary policy was assigned to the ECB, and three years later Euro Banknotes and Coins entered into circulation.
More about the Euro:
The Euro is the common currency of 20 EU Member States and one of the main symbols of European integration.
As a unit of account, the Euro was introduced on 01.01.1999, initially in 11 countries.
Three years later, on 01.01.2002, Euro Banknotes and Coins entered circulation in 12 EU Member States, namely - Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain (in Greece, the Euro was not introduced in 1999 as a unit of account because Greece did not meet the convergence criteria then, but it did in the meantime).
Since then, the Euro has been introduced in seven more Member States – Slovenia (01.01.2007), Cyprus (01.01.2008), Malta (01.01.2008), Slovakia (01.01.2009), Estonia (01.01.2011), Latvia (01.01.2014) and Lithuania (01.01.2015).
On 01.01.2023, Croatia has become the twentieth Member State of the Euro Area.
The Stamp:
Technical details:
Issue Date: 25.01.2023
Designer: Dean Roksandić, designer from Zagreb
Photo: Božidar Bengez, photographer from Zagreb
Printer: AKD d.o.o., Zagreb
Process: Offset Printing
Colours: Multicolor
Size:
Stamp size: 35.50 mm
Souvenir sheet size: 73.00 mm x 112.00 mm
Values: 1.14 EUR
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