The franc is the currency and legal tender of Switzerland and Liechtenstein. The Swiss National Bank issues banknotes and the federal mint Swissmint issues coins; the smaller denomination, a hundredth of a franc, is a Rappen in German, centime in French, centesimo in Italian, rap in Romansh. The ISO code of the currency used by banks and financial institutions is CHF, although Fr. is widely used by businesses and advertisers. The Latinate "CH" stands for Confoederatio Helvetica. Given the different languages used in Switzerland, Latin is used for language-neutral inscriptions on its coins. Before 1798, about 75 entities were making coins in Switzerland, including the 25 cantons and half-cantons, 16 cities, abbeys, resulting in about 860 different coins in circulation, with different values and monetary systems; the local Swiss currencies included the Basel thaler, Berne thaler, Fribourg gulden, Geneva thaler, Geneva genevoise, Luzern gulden, Neuchâtel gulden, St. Gallen thaler, Schwyz gulden, Solothurn thaler, Valais thaler, Zürich thaler.
In 1798, the Helvetic Republic introduced the franc, a currency based on the Berne thaler, subdivided into 10 batzen or 100 centimes. The Swiss franc was equal to 6 3⁄4 grams of 1 1⁄2 French francs; this franc was issued until the end of the Helvetic Republic in 1803, but served as the model for the currencies of several cantons in the Mediation period. These 19 cantonal currencies were the Appenzell frank, Argovia frank, Basel frank, Berne frank, Fribourg frank, Geneva franc, Glarus frank, Graubünden frank, Luzern frank, St. Gallen frank, Schaffhausen frank, Schwyz frank, Solothurn frank, Thurgau frank, Ticino franco, Unterwalden frank, Uri frank, Vaud franc, Zürich frank. After 1815, the restored Swiss Confederacy attempted to simplify the system of currencies once again; as of 1820, a total of 8,000 distinct coins were current in Switzerland: those issued by cantons, cities and principalities or lordships, mixed with surviving coins of the Helvetic Republic and the pre-1798 Helvetic Republic.
In 1825, the cantons of Berne, Fribourg, Solothurn and Vaud formed a monetary concordate, issuing standardised coins, the so-called Konkordanzbatzen, still carrying the coat of arms of the issuing canton, but interchangeable and identical in value. The reverse side of the coin displayed a Swiss cross with the letter C in the center. Although 22 cantons and half-cantons issued coins between 1803 and 1850, less than 15% of the money in circulation in Switzerland in 1850 was locally produced, with the rest being foreign brought back by mercenaries. In addition, some private banks started issuing the first banknotes, so that in total, at least 8000 different coins and notes were in circulation at that time, making the monetary system complicated. To solve this problem, the new Swiss Federal Constitution of 1848 specified that the federal government would be the only entity allowed to issue money in Switzerland; this was followed two years by the first Federal Coinage Act, passed by the Federal Assembly on 7 May 1850, which introduced the franc as the monetary unit of Switzerland.
The franc was introduced at par with the French franc. It replaced the different currencies of the Swiss cantons, some of, using a franc, worth 1.5 French francs. In 1865, Belgium and Switzerland formed the Latin Monetary Union, in which they agreed to value their national currencies to a standard of 4.5 grams of silver or 0.290322 grams of gold. After the monetary union faded away in the 1920s and ended in 1927, the Swiss franc remained on that standard until 1936, when it suffered its sole devaluation, on 27 September during the Great Depression; the currency was devalued by 30% following the devaluations of the British pound, U. S. dollar and French franc. In 1945, Switzerland joined the Bretton Woods system and pegged the franc to the US dollar at a rate of $1 = 4.30521 francs. This was changed to $1 = 4.375 francs in 1949. The Swiss franc has been considered a safe-haven currency, with a legal requirement that a minimum of 40% be backed by gold reserves. However, this link to gold, which dated from the 1920s, was terminated on 1 May 2000 following a referendum.
By March 2005, following a gold-selling program, the Swiss National Bank held 1,290 tonnes of gold in reserves, which equated to 20% of its assets. In November 2014, the referendum on the "Swiss Gold Initiative" which proposed a restoration of 20% gold backing for the Swiss franc, was voted down. In March 2011, the franc climbed past the US$1.10 mark. In June 2011, the franc climbed past US$1.20 as investors sought safety as the Greek sovereign debt crisis continued. Continuation of the same crisis in Europe and the debt crisis in the US propelled the Swiss franc past US$1.30 as of August 2011, prompting the Swiss National Bank to boost the franc's liquidity to try to counter its "massive overvaluation". The Economist argued that its Big Mac Index in July 2011 indicated an overvaluation of 98% over the dollar, cited Swiss companies releasing profit warnings and threatening to move operations out of the country due to the strength of the franc. Demand for francs and franc-denominated assets was so strong that nominal short-term Swiss interest rates became negative.
On 6 September 2011, when the ex
Montenegro is a country in Southeast Europe on the Adriatic Sea. It borders Herzegovina to the northwest. Montenegro has an area of 13,812 square kilometres and a population of 620,079, its capital Podgorica is one of the twenty-three municipalities in the country. Cetinje is designated as the Old Royal Capital. During the Early Medieval period, three principalities were located on the territory of modern-day Montenegro: Duklja corresponding to the southern half. In 1042, archon Stefan Vojislav led a revolt that resulted in the independence of Duklja from the Byzantine Empire and the establishment of the Vojislavljević dynasty; the independent Principality of Zeta emerged in the 14th and 15th centuries, ruled by the House of Balšić between 1356 and 1421, by the House of Crnojević between 1431 and 1498, when the name Montenegro started being used for the country. After falling under Ottoman rule, Montenegro regained de facto independence in 1697 under the rule of the House of Petrović-Njegoš, first under the theocratic rule of prince-bishops, before being transformed into a secular principality in 1852.
Montenegro's de jure independence was recognised by the Great Powers at the Congress of Berlin in 1878, following the Montenegrin–Ottoman War. In 1905, the country became a kingdom. After World War I, it became part of Yugoslavia. Following the breakup of Yugoslavia, the republics of Serbia and Montenegro together established a federation known as the Federal Republic of Yugoslavia, renamed State Union of Serbia and Montenegro in 2003. On the basis of an independence referendum held in May 2006, Montenegro declared independence and the federation peacefully dissolved on 3 June of that year. Since 1990, the sovereign state of Montenegro has been governed by the Democratic Party of Socialists and its minor coalition partners. Classified by the World Bank as an upper middle-income country, Montenegro is a member of the UN, NATO, the World Trade Organization, the Organization for Security and Co-operation in Europe, the Council of Europe, the Central European Free Trade Agreement, it is a founding member of the Union for the Mediterranean.
The country's name derives from Venetian and translates as "Black Mountain", deriving from the appearance of Mount Lovćen when covered in dense evergreen forests. The native name Crna Gora came to denote the majority of contemporary Montenegro only in the 15th century, it had referred to only a small strip of land under the rule of the Paštrovići, but the name came to be used for the wider mountainous region after the Crnojević noble family took power in Upper Zeta. The aforementioned region became known as Stara Crna Gora'Old Montenegro' by the 19th century to distinguish the independent region from the neighbouring Ottoman-occupied Montenegrin territory of Brda' Highlands'. Montenegro further increased its size several times by the 20th century, as the result of wars against the Ottoman Empire, which saw the annexation of Old Herzegovina and parts of Metohija and southern Raška, its borders have changed little since losing Metohija and gaining the Bay of Kotor. After the second session of the AVNOJ during World War II in Yugoslavia, the modern state of Montenegro was founded as the Federal State of Montenegro on 15 November 1943 within the Democratic Federal Yugoslavia by the ZAVNOCGB.
After DF Yugoslavia became the Federal People's Republic of Yugoslavia, the Federal State of Montenegro was renamed to the People's Republic of Montenegro on 29 November 1945. In 1963, the FPRY was renamed to the Socialist Federal Republic of Yugoslavia and coincidentally, the People's Republic of Montenegro was renamed to the Socialist Republic of Montenegro; as the breakup of Yugoslavia occurred, the SRCG was renamed to the Republic of Montenegro on 27 April 1992 within the Federal Republic of Yugoslavia by removing the adjective "socialist" from the republic's title. Since 22 October 2007, a year after its independence, the name of the country became known as Montenegro; the ISO Alpha-2 code for Montenegro is ME and the Alpha-3 Code is MNE. In the 9th century, three Slavic principalities were located on the territory of Montenegro: Duklja corresponding to the southern half, the west, Rascia, the north. Duklja gained its independence from the Byzantine Roman Empire in 1042. Over the next few decades, it expanded its territory to neighbouring Rascia and Bosnia, became recognised as a kingdom.
Its power started declining at the beginning of the 12th century. After King Bodin's death, several civil wars ensued. Duklja reached its zenith under Vojislav's son and his grandson Constantine Bodin. By the 13th century, Zeta had replaced Duklja. In the late 14th century, southern Montenegro came under the rule of the Balšić noble family the Crnojević noble family, by the 15th century, Zeta was more referred to as Crna Gora; as the nobility fought for the throne, the kingdom was weakened, by 1186, it was conquered by Stefan Nemanja and incorporated into the Serbian realm as a province named Zeta. After the Serbian Empire collapsed in the second half of the 14th century, the most powerful Zetan family, the Balšićs, became sovereigns of Zeta. In 1421, Zeta was a
The European Union is a political and economic union of 28 member states that are located in Europe. It has an area of an estimated population of about 513 million; the EU has developed an internal single market through a standardised system of laws that apply in all member states in those matters, only those matters, where members have agreed to act as one. EU policies aim to ensure the free movement of people, goods and capital within the internal market, enact legislation in justice and home affairs and maintain common policies on trade, agriculture and regional development. For travel within the Schengen Area, passport controls have been abolished. A monetary union was established in 1999 and came into full force in 2002 and is composed of 19 EU member states which use the euro currency; the EU and European citizenship were established when the Maastricht Treaty came into force in 1993. The EU traces its origins to the European Coal and Steel Community and the European Economic Community, established by the 1951 Treaty of Paris and 1957 Treaty of Rome.
The original members of what came to be known as the European Communities were the Inner Six: Belgium, Italy, the Netherlands, West Germany. The Communities and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit; the latest major amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009. While no member state has left the EU or its antecedent organisations, the United Kingdom signified the intention to leave after a membership referendum in June 2016 and is negotiating its withdrawal. Covering 7.3% of the world population, the EU in 2017 generated a nominal gross domestic product of 19.670 trillion US dollars, constituting 24.6% of global nominal GDP. Additionally, all 28 EU countries have a high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize. Through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence.
The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20. Because of its global influence, the European Union has been described as an emerging superpower. During the centuries following the fall of Rome in 476, several European States viewed themselves as translatio imperii of the defunct Roman Empire: the Frankish Empire and the Holy Roman Empire were thereby attempts to resurrect Rome in the West; this political philosophy of a supra-national rule over the continent, similar to the example of the ancient Roman Empire, resulted in the early Middle Ages in the concept of a renovatio imperii, either in the forms of the Reichsidee or the religiously inspired Imperium Christianum. Medieval Christendom and the political power of the Papacy are cited as conducive to European integration and unity. In the oriental parts of the continent, the Russian Tsardom, the Empire, declared Moscow to be Third Rome and inheritor of the Eastern tradition after the fall of Constantinople in 1453.
The gap between Greek East and Latin West had been widened by the political scission of the Roman Empire in the 4th century and the Great Schism of 1054. Pan-European political thought emerged during the 19th century, inspired by the liberal ideas of the French and American Revolutions after the demise of Napoléon's Empire. In the decades following the outcomes of the Congress of Vienna, ideals of European unity flourished across the continent in the writings of Wojciech Jastrzębowski, Giuseppe Mazzini or Theodore de Korwin Szymanowski; the term United States of Europe was used at that time by Victor Hugo during a speech at the International Peace Congress held in Paris in 1849: A day will come when all nations on our continent will form a European brotherhood... A day will come when we shall see... the United States of America and the United States of Europe face to face, reaching out for each other across the seas. During the interwar period, the consciousness that national markets in Europe were interdependent though confrontational, along with the observation of a larger and growing US market on the other side of the ocean, nourished the urge for the economic integration of the continent.
In 1920, advocating the creation of a European economic union, British economist John Maynard Keynes wrote that "a Free Trade Union should be established... to impose no protectionist tariffs whatever against the produce of other members of the Union." During the same decade, Richard von Coudenhove-Kalergi, one of the first to imagine of a modern political union of Europe, founded the Pan-Europa Movement. His ideas influenced his contemporaries, among which Prime Minister of France Aristide Briand. In 1929, the latter gave a speech in favour of a European Union before the assembly of the League of Nations, precursor of the United Nations. In a radio address in March 1943, with war still raging, Britain's leader Sir Winston Churchill spoke warmly of "restoring the true greatness of Europe" once victory had been achieved, mused on the post-war creation of a "Council of Europe" which would bring the European nations together to build peace. After World War II, European integration was seen as an antidote to the extreme nationalism which had devastated the continent.
In a speech delivered on 19
The Deutsche Mark, abbreviated "DM" or "D-Mark", was the official currency of West Germany from 1948 until 1990 and the unified Germany from 1990 until 2002. It was first issued under Allied occupation in 1948 to replace the Reichsmark, served as the Federal Republic of Germany's official currency from its founding the following year until the adoption of the euro. In English it is called the "Deutschmark"; the Germans called it D-Mark when referring to the currency, Mark when talking about individual sums. In 1999, the Deutsche Mark was replaced by the Euro; the Deutsche Mark ceased to be legal tender upon the introduction of the euro — in contrast to the other eurozone nations, where the euro and legacy currency circulated side by side for up to two months. Mark coins and banknotes continued to be accepted as valid forms of payment in Germany until 28 February 2002; the Deutsche Bundesbank has guaranteed that all German marks in cash form may be changed into euros indefinitely, one may do so in person at any branch of the Bundesbank in Germany.
Banknotes and coins can be sent to the Bundesbank by mail. In 2012, it was estimated that as many as 13.2 billion marks were in circulation, with one poll showing a narrow majority of Germans favouring the currency's restoration. On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1. One Deutsche Mark was divided into 100 Pfennige. A mark had been the currency of Germany since its original unification in 1871. Before that time, the different German states issued a variety of different currencies, though most were linked to the Vereinsthaler, a silver coin containing 16 2⁄3 grams of pure silver. Although the mark was based on gold rather than silver, a fixed exchange rate between the Vereinsthaler and the mark of 3 marks = 1 Vereinsthaler was used for the conversion; the first mark, known as the Goldmark, was introduced in 1873. With the outbreak of World War I, the mark was taken off the gold standard.
The currency thus became known as the Papiermark as high inflation hyperinflation occurred and the currency became made up of paper money. The Papiermark was replaced by the Rentenmark from November 15, 1923, the Reichsmark in 1924. During the first two years of occupation the occupying powers of France, United Kingdom, United States, the Soviet Union were not able to negotiate a possible currency reform in Germany. Due to the strains between the Allies each zone was governed independently as regards monetary matters; the US occupation policy was governed by the directive JCS 1067, which forbade the US military governor "to take any steps to strengthen German financial structure". As a consequence a separate monetary reform in the U. S. zone was not possible. Each of the Allies printed its own occupation currency; the Deutsche Mark was introduced on Sunday, June 20, 1948 by Ludwig Erhard. The old Reichsmark and Rentenmark were exchanged for the new currency at a rate of DM 1 = RM 1 for the essential currency such as wages, payment of rents etc. and DM 1 = RM 10 for the remainder in private non-bank credit balances, with half frozen.
Large amounts were exchanged for RM 10 to 65 Pfennig. In addition, each person received a per capita allowance of DM 60 in two parts, the first being DM 40 and the second DM 20. A few weeks Erhard, acting against orders, issued an edict abolishing many economic controls, implemented by the Nazis, which the Allies had not removed, he did this, as he confessed, on Sunday because the offices of the American and French occupation authorities were closed that day. He was sure; the introduction of the new currency was intended to protect western Germany from a second wave of hyperinflation and to stop the rampant barter and black market trade. Although the new currency was only distributed in the three western occupation zones outside Berlin, the move angered the Soviet authorities, who regarded it as a threat; the Soviets promptly cut off all road and canal links between the three western zones and West Berlin, starting the Berlin Blockade. In response, the U. S. and Britain launched an airlift of food and coal and distributed the new currency in West Berlin as well.
Since the 1930s, prices and wages had been controlled. That meant that people had accumulated large paper assets, that official prices and wages did not reflect reality, as the black market dominated the economy and more than half of all transactions were taking place unofficially; the reform replaced the old money with the new Deutsche Mark at the rate of one new per ten old. This wiped out 90% of government and private debt, as well as private savings. Prices were decontrolled, labor unions agreed to accept a 15% wage increase, despite the 25% rise in prices; the result was the prices of German export products held steady, while profits and earnings from exports soared and were poured back into the economy. The currency reforms were simultaneous with the $1.4 billion in Marshall Plan money coming in from the United States, used for investment. In addition, the Marshall plan forced German companies, as well as those in all of Western Europe, to moder
The United Nations is an intergovernmental organization, tasked to maintain international peace and security, develop friendly relations among nations, achieve international co-operation and be a centre for harmonizing the actions of nations. The headquarters of the UN is in Manhattan, New York City, is subject to extraterritoriality. Further main offices are situated in Geneva, Nairobi and The Hague; the organization is financed by voluntary contributions from its member states. Its objectives include maintaining international peace and security, protecting human rights, delivering humanitarian aid, promoting sustainable development and upholding international law; the UN is the largest, most familiar, most internationally represented and most powerful intergovernmental organization in the world. In 24 October 1945, at the end of World War II, the organization was established with the aim of preventing future wars. At its founding, the UN had 51 member states; the UN is the successor of the ineffective League of Nations.
On 25 April 1945, 50 governments met in San Francisco for a conference and started drafting the UN Charter, adopted on 25 June 1945 in the San Francisco Opera House, signed on 26 June 1945 in the Herbst Theatre auditorium in the Veterans War Memorial Building. This charter took effect on 24 October 1945; the UN's mission to preserve world peace was complicated in its early decades during the Cold War between the United States and Soviet Union and their respective allies. Its missions have consisted of unarmed military observers and armed troops with monitoring and confidence-building roles; the organization's membership grew following widespread decolonization which started in the 1960s. Since 80 former colonies had gained independence, including 11 trust territories, which were monitored by the Trusteeship Council. By the 1970s its budget for economic and social development programmes far outstripped its spending on peacekeeping. After the end of the Cold War, the UN shifted and expanded its field operations, undertaking a wide variety of complex tasks.
The UN has six principal organs: the General Assembly. The UN System agencies include the World Bank Group, the World Health Organization, the World Food Programme, UNESCO, UNICEF; the UN's most prominent officer is the Secretary-General, an office held by Portuguese politician and diplomat António Guterres since 1 January 2017. Non-governmental organizations may be granted consultative status with ECOSOC and other agencies to participate in the UN's work; the organization, its officers and its agencies have won many Nobel Peace Prizes. Other evaluations of the UN's effectiveness have been mixed; some commentators believe the organization to be an important force for peace and human development, while others have called the organization ineffective, biased, or corrupt. In the century prior to the UN's creation, several international treaty organizations such as the International Committee of the Red Cross was formed to ensure protection and assistance for victims of armed conflict and strife.
In 1914, a political assassination in Sarajevo set off a chain of events that led to the outbreak of World War I. As more and more young men were sent down into the trenches, influential voices in the United States and Britain began calling for the establishment of a permanent international body to maintain peace in the postwar world. President Woodrow Wilson became a vocal advocate of this concept, in 1918 he included a sketch of the international body in his 14-point proposal to end the war. In November 1918, the Central Powers agreed to an armistice to halt the killing in World War I. Two months the Allies met with Germany and Austria-Hungary at Versailles to hammer out formal peace terms. President Wilson wanted peace, but the United Kingdom and France disagreed, forcing harsh war reparations on their former enemies; the League of Nations was approved, in the summer of 1919 Wilson presented the Treaty of Versailles and the Covenant of the League of Nations to the US Senate for ratification.
On January 10, 1920, the League of Nations formally comes into being when the Covenant of the League of Nations, ratified by 42 nations in 1919, takes effect. However, at some point the League became ineffective when it failed to act against the Japanese invasion of Manchuria as in February 1933, 40 nations voted for Japan to withdraw from Manchuria but Japan voted against it and walked out of the League instead of withdrawing from Manchuria, it failed against the Second Italo-Ethiopian War despite trying to talk to Benito Mussolini as he used the time to send an army to Africa, so the League had a plan for Mussolini to just take a part of Ethiopia, but he ignored the League and invaded Ethiopia, the League tried putting sanctions on Italy, but Italy had conquered Ethiopia and the League had failed. After Italy conquered Ethiopia and other nations left the league, but all of them realised that they began to re-arm as fast as possible. During 1938, Britain and France tried negotiating directly with Hitler but this failed in 1939 when Hitler invaded Czechoslovakia.
When war broke out in 1939, the League closed down and its headquarters in Geneva remained empty throughout the war. The earliest concrete plan for a new world organization began under the aegis of the U. S. State Department in 1939; the text of the "Declaration by United Nations" was drafted at the White House on December 29, 1941, by President Franklin D. Roosevelt, Prime Minister Winston Churchill, Roosevelt aide Harry Hopkins
The dinar was the currency of the three Yugoslav states: the Kingdom of Yugoslavia, the Socialist Federal Republic of Yugoslavia, the Federal Republic of Yugoslavia between 1918 and 2006. The dinar was subdivided into 100 para. In the early 1990s, there was severe and prolonged hyperinflation due to a combination of economic mismanagement and criminality. Massive amounts of money were printed; the highest denomination banknote was 500 billion dinars. This hyperinflation caused five revaluations between 1990 and 1994. Six of the eight have been given distinguishing names and separate ISO 4217 codes; until 1918, the dinar was the currency of Serbia. It became the currency of the Kingdom of Serbs and Slovenes, circulating alongside the krone in Croatia and Bosnia and Herzegovina, with 1 dinar = 4 kronen; the first coins and banknotes bearing the name of the Kingdom of Serbs and Slovenes were issued in 1920, until which time Serbian coins and banknotes circulated. In 1929, the name of the country changed to the Kingdom of Yugoslavia and this was reflected on the currency.
In 1931, an exchange rate of 56.4 dinara to the U. S. dollar was set, which changed to 44 dinara in 1933. In 1937, a tourist exchange rate of 250 dinara to the British pound was established. In 1941, Yugoslavia was invaded and split up, with the dinar remaining currency in Nedić's Serbia as Serbian dinar); the kuna was introduced in Croatia and Bosnia and Herzegovina at par with the dinar, whilst the Bulgarian lev, Italian lira and German Reichsmark circulated in those part of Yugoslavia occupied by these countries. In 1944, as Yugoslavia began to be reconstituted, the Yugoslav dinar replaced the Serbian dinar, Independent State of Croatia kuna and other occupation currencies, with the rates of exchanged being 1 Yugoslav dinar = 20 Serbian dinara = 40 kuna. In May 1945, a peg of 50 dinara = 1 U. S. dollar was not maintained. On January 1, 1966, the first of five revaluations took place, at a ratio of 100 to 1; this currency was never stable, suffering from an inflation rate of 15 to 25 percent per year.
In the late 1980s the inflation rate accelerated, causing the currency to be revalued at the beginning of 1990. The second revaluation took place on January 1, 1990, at a ratio of 10,000 to 1. During this period, the constituent republics began to leave the Socialist Federal Republic of Yugoslavia. Four of the six republics issued their own currencies shortly after; this was the last dinar that bore the coat of arms and the name of the "Socialist Federal Republic of Yugoslavia" in multiple languages. Serbian enclaves in Croatia and Bosnia and Herzegovina issued currencies in dinar, equivalent to and revalued together with the Yugoslav dinar; these were the Republika Srpska dinar. The third revaluation took place on 1 July 1992, at a ratio of 10 to 1. Hyperinflation began to occur during this currency's period of circulation; this dinar was issued in the Federal Republic of Yugoslavia, which consisted of the remaining republics of Serbia and Montenegro. People started to use foreign hard currency, such as Deutschmarks, to mitigate some of the problems of hyperinflation.
Yugoslavia re-denominated the dinar for the fourth time on 1 October 1993, at a ratio of 1 million to 1. This did not mitigate the hyperinflation, the 1993 dinar lasted for only three months. Coinage became redundant; the 1993 dinar had the largest denomination out of all incarnations of Yugoslavian currency: the banknote, featuring Jovan Jovanović Zmaj had a face value of 500 billion dinara. Wages became worthless. Many businesses started to pay wages in goods instead, a simple barter system developed. Businesses with good connections to politicians could still get access to hard currency; some shops, instead of rewriting their prices several times a day, started pricing goods in "bods" equivalent to hard currency such as one Deutschmark. The winter of 1993 was hard for pensioners. Many people relied on connections in the countryside. Yugoslavia re-denominated the dinar for the fifth time on 1 January 1994, at a ratio of 1 billion to 1; the 1994 dinar was the shortest-lived out of all incarnations of Yugoslavian currency, as hyperinflation continued to intensify, only one coin was issued for it.
Towards the end of the 1994 dinar, the National Bank overprinted and reissued 10 million dinara banknotes from the 1992 dinar. On 24 January 1994, the novi dinar was introduced; this was not a revaluation of the dinar. Instead, the novi dinar was pegged at par to the Deutsche Mark. On the day of the introduction of the novi dinar, the exchange rate of the previous dinar to the Deutsche Mark, hence, to the novi dinar, was 1 DM = 13 million dinara. Despite not being pegged to the newest currency, the previous dinar did not fall further in value, remaining at about 1
Croatia the Republic of Croatia, is a country at the crossroads of Central and Southeast Europe, on the Adriatic Sea. It borders Slovenia to the northwest, Hungary to the northeast, Serbia to the east and Herzegovina, Montenegro to the southeast, sharing a maritime border with Italy, its capital, forms one of the country's primary subdivisions, along with twenty counties. Croatia has an area of 56,594 square kilometres and a population of 4.28 million, most of whom are Roman Catholics. Inhabited since the Paleolithic Age, the Croats arrived in the area in the 6th century and organised the territory into two duchies by the 9th century. Croatia was first internationally recognized as an independent state on 7 June 879 during the reign of duke Branimir. Tomislav became the first king by 925, elevating Croatia to the status of a kingdom, which retained its sovereignty for nearly two centuries. During the succession crisis after the Trpimirović dynasty ended, Croatia entered a personal union with Hungary in 1102.
In 1527, faced with Ottoman conquest, the Croatian Parliament elected Ferdinand I of Austria to the Croatian throne. In October 1918, in the final days of World War I, the State of Slovenes and Serbs, independent from Austria-Hungary, was proclaimed in Zagreb, in December 1918 it was merged into the Kingdom of Serbs and Slovenes. Following the Axis invasion of Yugoslavia in April 1941, most of the Croatian territory was incorporated into the Nazi-backed client-state which led to the development of a resistance movement and the creation of the Federal State of Croatia which after the war become a founding member and a federal constituent of the Socialist Federal Republic of Yugoslavia. On 25 June 1991, Croatia declared independence, which came wholly into effect on 8 October of the same year; the Croatian War of Independence was fought for four years following the declaration. The sovereign state of Croatia is a republic governed under a parliamentary system and a developed country with a high standard of living.
It is a member of the European Union, the United Nations, the Council of Europe, NATO, the World Trade Organization, a founding member of the Union for the Mediterranean. As an active participant in the UN peacekeeping forces, Croatia has contributed troops to the NATO-led mission in Afghanistan and took a non-permanent seat on the UN Security Council for the 2008–2009 term. Since 2000, the Croatian government has invested in infrastructure transport routes and facilities along the Pan-European corridors. Croatia's economy is dominated by service and industrial sectors and agriculture. Tourism is a significant source of revenue, with Croatia ranked among the top 20 most popular tourist destinations in the world; the state controls a part of the economy, with substantial government expenditure. The European Union is Croatia's most important trading partner. Croatia provides a social security, universal health care system, a tuition-free primary and secondary education, while supporting culture through numerous public institutions and corporate investments in media and publishing.
The name of Croatia derives from Medieval Latin Croātia. Itself a derivation of North-West Slavic *Xrovat-, by liquid metathesis from Common Slavic period *Xorvat, from proposed Proto-Slavic *Xъrvátъ which comes from Old Persian *xaraxwat-; the word is attested by the Old Iranian toponym Harahvait-, the native name of Arachosia. The origin of the name is uncertain, but is thought to be a Gothic or Indo-Aryan term assigned to a Slavic tribe; the oldest preserved record of the Croatian ethnonym *xъrvatъ is of variable stem, attested in the Baška tablet in style zvъnъmirъ kralъ xrъvatъskъ. The first attestation of the Latin term is attributed to a charter of Duke Trpimir from the year 852; the original is lost, just a 1568 copy is preserved, leading to doubts over the authenticity of the claim. The oldest preserved stone inscription is the 9th-century Branimir Inscription found near Benkovac, where Duke Branimir is styled Dux Cruatorvm; the inscription is not believed to be dated but is to be from during the period of 879–892, during Branimir's rule.
The area known as Croatia today was inhabited throughout the prehistoric period. Fossils of Neanderthals dating to the middle Palaeolithic period have been unearthed in northern Croatia, with the most famous and the best presented site in Krapina. Remnants of several Neolithic and Chalcolithic cultures were found in all regions of the country; the largest proportion of the sites is in the river valleys of northern Croatia, the most significant cultures whose presence was discovered include Baden, Starčevo, Vučedol cultures. The Iron Age left traces of the Celtic La Tène culture. Much the region was settled by Illyrians and Liburnians, while the first Greek colonies were established on the islands of Hvar, Korčula, Vis. In 9 AD the territory of today's Croatia became part of the Roman Empire. Emperor Diocletian had a large palace built in Split to which he retired after his abdication in AD 305. During the 5th century, the last de jure Western emperor last Western Roman Emperor Julius Nepos ruled his small realm from the palace after fleeing Italy to go into exile in 475.
The period ends with Avar and Croat invasions in the first half of the 7th century and destruction of all Roman towns. Roman survivors retreated to more favourable sites on the coast and mountains; the city of Dubrovnik was founded by such survivors from Epidaurum. The ethnogenesis of Croats is uncertain an