Croatia

For those curious about the appearance of Croatian euro notes, there are two equally valid series currently in circulation. The first series includes seven different denominations ranging from €5 to €500, while the second series, also known as the Europa series, includes the same denominations except for the €500 note. Both series feature unique colours and architectural motifs for each denomination, with the second series showcasing a portrait of Europa, a figure from Greek mythology. 

As for Croatia's euro coins, the designs represent its rich cultural heritage and scientific achievements. The obverse side of the coins features stylised letters in the Glagolitic script, an ancient alphabet used in parts of Croatia, while the reverse side showcases the silhouette portrait of Nikola Tesla, a famous inventor and scientist born in modern-day Croatia. The €1 coin has a stunning design of a marten, a protected animal species that are native to Croatia. The €2 coin showcases the silhouette map of the country, providing a clear representation of the Croatian territory. This impressive and distinctive set of coins is surely an embodiment of Croatian pride and cultural identity.

Prior to 1 January 2023, the currency was the Croatian Kuna (HRK), which is no longer a legal tender.

In the early days of commerce in Croatia, replicas of Byzantine coins were used as currency before the country started minting its own. The first Croatian coins were minted during the reign of King Dmitar Zvonimir in the 11th century. These coins were also used in Hungary and other parts of Europe due to Croatia's close ties with the Hungarian Kingdom.

During the middle ages, the use of currency in Croatia was further advanced during the Arpad dynasty. At that time, Hungary had a strong influence over the country, and Hungarian coins continued to be widely used in Croatia. This continued until conflicts with the Ottoman Empire arose in the 16th century, which led to the introduction of assignats as a form of currency.

After the fall of the Ottoman Empire, the Austrian Empire took control of Croatia. As a result, banknotes and coins were introduced into the country's economy. The dinar was eventually replaced by the Croatian kuna banknotes in 1994, which became the country's official currency.

Croatia's intention to join the European Union saw it take aggressive steps towards replacing the kuna with the euro. This led to Croatia officially adopting the euro as its currency on January 1st, 2023, after almost 30 years of using the kuna.

The evolution of currency in Croatia has had significant impacts on modern-day business practices in the country. The use of replicas of Byzantine coins and assignats may no longer be a part of the country's current monetary practices, but they have had a lasting impact on the country's economic landscape. Today, with the adoption of the euro as new Croatian money, businesses in Croatia can operate with the same currency as many other countries in Europe, making trading and commerce that much more efficient.

In a bold move in 1865, Belgium joined forces with France, Switzerland, and Italy to create the groundbreaking Latin Monetary Union, later welcoming Greece in 1868. Each member nation had its own legal tender, with all units being freely exchangeable at a 1:1 rate. By the 1870s, the gold value became the unwavering fixed standard, a steadfast arrangement that lasted until 1914. But as times changed, Belgium decided to withdraw from the union in 1926 due to depreciation and waning confidence, introducing the innovative Belga currency for international transactions. Meanwhile, the enduring monetary union between Belgium and Luxembourg continued to thrive, eventually forming the foundation for a robust economic union in 1932.

The Belgian franc, though resilient, faced several devaluations throughout its existence, especially during World War II and in 1982. Yet, on January 1, 1999, a new era dawned as the Belgian/Luxembourgish franc ceased to exist. The sleek euro banknotes and coins debuted in Belgium on January 1, 2002, and by February 28, 2002, the dual circulation period came to an end. While the National Central Bank of Belgium exchanged national coins until the 31st of December 2004, it continues to exchange national banknotes indefinitely, preserving a piece of Belgium’s captivating monetary legacy.

The economy of Croatia stands tall as a high-income, service-centric social market economy, with the tertiary sector accounting for a substantial 70% share of the total Gross Domestic Product (GDP) generated. Croatia's economy has a fully-integrated and globalized structure, with its road to globalization beginning soon after gaining independence, with tourism ranking as one of its core industries dependent on the global market.

Croatia has commendable credentials as it joined the World Trade Organization in 2000, NATO in 2009, and became a member of the European Union in 2013. The country went a step further and joined the Eurozone and Schengen Area on 1 January 2023, lifting its status to that of an advanced economy or developed country, a classification given by the International Monetary Fund (IMF) to well-developed industrial nations whose GDP (nominal) per capita is above $20,000, which encompasses all Eurozone members.

The country's vision is further augmented as it is negotiating membership in the OECD organization, which they hope to join in 2025. In the coming years, Croatia is set to integrate more into the EU structures, including participation in ESA and CERN, as well as joining the EEA, a move that is expected over the next 24 months. All this paves the way for the country's bright economic future, allowing it to retain its position as a star player within the region.