The Czech Republic had a great importance even in the Hungarian-Austrian Monarchy. Following the first world war the monarchy fell apart, and in 1918 Czechoslovakia was formed. After the regime-switch in 1993, the Czech Republik and Slovakia have parted peacefully; therefore Czechoslovakia has ceased to exist. Following these events, the Czech Republic has begun to develop at a fast pace, thanks to German investments. Along with the other mid-eastern socialist states, the Czech Republic joined the European Union in 2004. Today their car manufacturing, mechanical engineering, and food industry are robust and stable. Their agriculture is significant; wheat, corn, barley, sugar beet, and potato are their main exports. Third of the country's land is a forest. Therefore the wood industry is significant too. Today their national currency is the Czech Crown, and there is no date set for the euro switch.