Last night I was having a drink, mindlessly checking my Instagram when I happened upon a (sponsored) post that caught my eye.
It was from a blue-tick-verified EU account and the caption read: “goodbye Kuna, welcome Euro”.
The Kuna is the soon-to-be defunct official currency of Croatia and it is scheduled to be replaced with the Euro from 2023. It won’t go well.
I was born and raised in the only country in the EU where salaries are lower than they were 20 years ago. This is not a hyperbole, it is a fact.
This is partly due to the unique(ly corrupted) way my country is run but it is also because prices doubled pretty much overnight on the day of the switch from the old currency to the Euro. But salaries obviously didn’t.
We could talk about the treaties and rules that the adoption entails, we can certainly talk about monetary sovereignty but there’s another real-world effect that people often ignore and that has to do with the Euro banknotes denomination.
At the moment, the lowest note denomination is 10 Kuna, and that’s if we ignore the 5 Kuna, which technically exists but it rare. Even so, 10 Kuna is $1.42, which is a lot less than the lowest note denomination of the Euro: €5, equivalent to $5.36.
In a few months, the Kuna will be gone and unfortunately it’ll simply make sense to adjust prices accordingly.
Something that costs 10 Kuna ($1.42) today will end up costing €2 after January 2023. But there’s no €2 banknote and and it’s only a matter of time before 10 Kuna becomes €5. And then €10. It’s gonna happen. It is an absolute certainy.
I’m no fan of the European Union but I really, really distrust and loathe the Euro. Maybe that’s why I currently only hold crypto and Serbian Dinars.
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