Turning to a more topical consequence of adopting the euro, this development will further increase Croatia's integration with the EU, even though the country had already de facto lost its sovereign monetary policy well before this. This implies that despite a remaining idiosyncratic component, the overall monetary policy will be the same for Croatia as it is for other economies in the monetary union.
It allows us to operate monetary policy in a way that makes sense in the context of the New Zealand economy, rather than merely importing monetary policy decisions from other economies.