Euro become the major currency of the 20th EU member country. The country is Croatia, where Euro got its 20th currency status.
The European Union finance ministers' final decision came out that from January 1, 2023, Euro will be the official currency of Croatia.
On July 1, 2013, Croatia became the 28th member of the European Union.
Any EU member to make Euro their currency needs to fulfill certain requirements like ERM clearance.
The Exchange Rate Mechanism (ERM) of the EU sets certain guidelines. They are:
When an EU member share Euro, it has to prove that the exchange rate fluctuations between the Euro with other EU members who have not adopted Euro as the main currency should not have affected the market.
Assist in persuading other Euro area countries to become members, follow the guidelines, and adopt Euro.
Aljazeera shared " Croatia's per capita wealth at 13,460 euros ($13,500) last year, was less than half of the euro-area average".
Croatia is located between Central and Southeast Europe.
According to croatiaweek.com, Croatia’s Ministry of Tourism and Sports published that " foreign tourists have generated 495 million euros in the first quarter of 2022."
The achievement made Croatia perform and meet the essentials of the ERM.
Making Euro its currency Croatia expected to improve its economy, so also give a push to the European financial status.
Respite for Euro Region with the Sign of Recovering Economy
Epidemic, five-month and six-day long war, and looming inflation made the countries in the Europe region to be apprehensive.
But respite for the Euro region comes with the sign of a recovering economy.
The growth to some percentage has immense value.
CNN shared " the economy grew a bit faster, at 4% and 0.7% respectively".
There are 19 EU members that use Euro as their currency.
These Euro members consist of approximately a fifth of the world's output.
Bloomberg wrote, "Spain and Italy both reported second-quarter growth of 1% or more from the previous three months. French gross domestic product rose after a surprise contraction at the start of 2022".
Not only that Croatia got permission to become a Euro currency member country from January 1, 2023. Seven more countries are in the line to use Euro as their money. They are Bulgaria, Czech, Croatia, Hungary, Poland, Romania, and Sweden.
The timely sign of growth in the economy of the region is respite not only for these 19 countries but the world economy as well.
The Heatwaves in Europe
While a summer forest fire is not unusual, this flare of heat waves is mentioned by BBC as "human-induced climate change".
politico.eu wrote under the title that "Just hell.’ 5 countries suffering in Europe’s heat wave".
With a heat temperature of 46.3 degrees in Portugal 16 out of 18 districts are affected by the jam of heat wave fire.
Numbers of people lost their lives. A pilot also died in this heatwave jam.
Few more countries are experiencing the heat of the flames.
The immediate solution is:
To use anti-inflammatory to extinguish the fire of heatwave.
The administration should take responsibility for pre, during, and post-arrangements in the heatwave-affected areas.
Strong action against the culprit who is spreading the heatwave among inhabitants.
In the long run :
Plantation of more trees
Strict rules against the individuals or groups of mis-handler's.
The Heatwave Flare Jams Portugal, Spain, France, Spain & U.K needs to be controlled as soon as possible.
Immediate and firm action will definitely put an end to heatwave flare jam.
By - Nandini Dash (Content Writer ; Author ; Academician) (Get membership and feature your article. Check here)
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