Croatia is latest EU country to adopt the euro

Electricity inventor Nikola Tesla has made it onto the latest minted euro coins, 80 years after his death.

Tesla’s image will be embossed on the new 10c, 20c and 50c coins minted to mark Croatia’s adoption of the single currency. Croatia’s national animal, the pine marten or Kuna, will appear on the €1 coin, while a map of Croatia will appear on the €2 coin.

The former Yugoslav state on the Adriatic Sea joined the EU on 1 July 2013 and adopted the single currency on 1 January this year. Croatia is the 20th EU member state to adopt the euro as its currency.

Since September, all prices in Croatia were displayed in both currencies in preparation for the switch that happened on New Year’s Day.

The day also marked the country’s entry into the Schengen Area, a passport-free travel zone encompassing all EU states apart from Ireland, Cyprus, Bulgaria and Romania.

European Commission President Ursula von der Leyen tweeted after having coffee with Croatian Prime Minister Andrej Plenkovic in Zagreb that it was “a nice memory, paying with euros for the very first time”.

All EU member states are part of the Economic and Monetary Union (EMU) and coordinate their economic policy-making to support the economic aims of the EU.

However, some member states have deepened their relationship by replacing their national currencies with the single currency – the euro. These member states form the euro area.

Malta joined the euro area in January 2008, four years after EU accession.

Of the member states outside the euro area, Denmark has an opt-out from joining laid down in a protocol annexed to the Treaty, although it can join in the future if it so wishes. Sweden has not yet qualified to be part of the euro area.

The remaining non-euro area countries are among those which acceded to the EU in 2004, 2007 and 2013, after the euro was launched. At the time of their accession, they did not meet the necessary conditions for entry to the euro area, but have committed to joining when they meet them.

Non-EU members Andorra, Monaco, San Marino and the Vatican City have adopted the euro as their national currency by virtue of specific monetary agreements with the EU. These European microstates may issue their own euro coins within certain limits. However, since they are not EU member states, they are not part of the euro area.