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		</div><p>The European Union has removed the final obstacles to Croatia adopting the euro, enabling the first expansion of the currency bloc in almost a decade.</p>
<p>EU finance ministers approved three laws that pave the way for Croatia to become the 20th member of the eurozone on January 1.</p>
<p>The last EU country to join the European single currency area was Lithuania in 2015.</p>
<p>“It’s a big day for Croatia, I dare say historic,” Croatian finance minister Zdravko Maric told reporters in Brussels.</p>
<figure id="attachment_174691" aria-describedby="caption-attachment-174691" style="width: 781px" class="wp-caption alignnone"><img src="https://londonglossy.com/wp-content/uploads/2022/07/A85E9C75-5843-42B4-91F8-C3D7BB74166D.jpeg" alt="" width="781" height="515" class="size-full wp-image-174691" /><figcaption id="caption-attachment-174691" class="wp-caption-text">A cyclist rides past an exchange office in Zagreb, Croatia</figcaption></figure>
<p>Adopting the euro offers economic benefits stemming from deeper financial ties with the currency bloc’s other members and the European Central Bank’s (ECB) monetary authority.</p>
<p>More tangibly, it means that any of the current eurozone’s 340 million inhabitants who visit Croatia will no longer need to exchange their cash for Croatian kuna.</p>
<p>Euro entry also has political rewards because the shared currency is Europe’s most ambitious project to integrate nations, giving them a place in the EU core.</p>
<p>That means a seat at the EU’s top decision-making tables.</p>
<p>Croatia’s accession to the monetary bloc is “an important moment for the European Union” and “confirms that the euro is an attractive, resilient and successful global currency”, EU Commission executive vice-president Valdis Dombrovskis said.</p>
<p>However, the euro’s exchange rate very briefly touched one dollar for the first time in two decades on Tuesday before immediately going back up.</p>
<p>A worsening energy crisis in Europe tied to Russia’s war in Ukraine has stoked fears of the economy going into a tailspin.</p>
<p>“The crucial factor for a possible adverse scenario is exactly the supply of energy,” European economy commissioner Paolo Gentiloni said.</p>
<p>Adopting the euro offers economic benefits stemming from deeper financial ties with the currency bloc’s other members and the European Central Bank’s (ECB) monetary authority.</p>
<p>More tangibly, it means that any of the current eurozone’s 340 million inhabitants who visit Croatia will no longer need to exchange their cash for Croatian kuna.</p>
<p>Euro entry also has political rewards because the shared currency is Europe’s most ambitious project to integrate nations, giving them a place in the EU core.</p>
<p>That means a seat at the EU’s top decision-making tables.</p>
<p>Croatia’s accession to the monetary bloc is “an important moment for the European Union” and “confirms that the euro is an attractive, resilient and successful global currency”, EU Commission executive vice-president Valdis Dombrovskis said.</p>
<p>However, the euro’s exchange rate very briefly touched one dollar for the first time in two decades on Tuesday before immediately going back up.</p>
<p>A worsening energy crisis in Europe tied to Russia’s war in Ukraine has stoked fears of the economy going into a tailspin.</p>
<p>“The crucial factor for a possible adverse scenario is exactly the supply of energy,” European economy commissioner Paolo Gentiloni said.</p>
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