OPINION: 'Many Croatians have abandoned the illusion that the euro will guarantee them prosperity… They fear that the EU could force Zagreb to make drastic cuts, just as was the case in Greece,' writes DW's Andelko Subic on Croatia's euro adoption.
Some Croats are looking looking forward to the euro while others will miss the kunaI don't recall too much excitement among Germans when the country adopted the euro 20 years ago. There was widespread skepticism whether the common European currency would work out as planned. This was accompanied by a certain nostalgia. The country's previous currency, the Deutsche Mark, or D-Mark, had allowed post-war Germany to grow incredibly prosperous.
There are few Croatian companies that have strong business ties with the eurozone. Plenkovic, meanwhile, boasts of having kept the country's finances under control amid turbulent economic times, though few believe this. Due to the coronavirus pandemic and ongoing war in Ukraine, the ECB has relaxed its convergence criteria by introducing discounts and exceptions.
The eurozone members will be asking themselves whether Croatia will present a financial burden. The country is certainly an economic lightweight. And any financial aid will serve as little more than a temporary help, like crutches for an otherwise healthy athlete. And while the, Croatian companies are nowhere near as successful as Luka Modric and his teammates. They simply cannot compete in the economic top league, so to speak.
Many Croatians have abandoned the illusion that the euro will guarantee them prosperity. On the contrary. They fear that one day the EU Troika could force Zagreb to make drastic cuts, just as was the case in Greece. If this does become necessary, please don't push for cuts that hurt pensioners, teachers, the needy and the healthcare sector!The idea of the euro is to unite the continent. In Germany, however, many vividly remember the Greek debt crisis.
The gap between rich EU member states and poor members is widening, and the introduction of the euro will not save many of Croatia's problems. New schools may be built, but the money to pay teachers will still be lacking. In fact, many teachers long ago left for Germany, where they can earn more money working as roofers and bus drivers than as teachers back home. This is an issue that will continue to be discussed.
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