Cape Verde when Portuguese explorers discovered and colonized the islands, establishing the first European settlement in the tropics. Ideally located for the Atlantic slave trade, the islands grew prosperous throughout the 16th and 17th centuries, attracting merchants, privateers, and pirates. The end of slavery in the 19th century led to economic decline and emigration. Cape Verde gradually recovered as an important commercial center and stopover for shipping routes. Incorporated as an overseas department of Portugal in 1951, the islands continued to campaign for independence, which was peacefully achieved in 1975. Since the early 1990s, Cape Verde has been a stable representative democracy,
Cape Verde at every level of the economy, which has led it to link its currency first to the Portuguese escudo and, in 1999, to the euro. On 23 June 2008 Cape Verde became the 153rd member of the WTO. In early January 2018, the government announced that the minimum wage would be raised to 13,000 CVE (US$140 or EUR 130) per month, from 11,000 CVE, which was effective in mid-January 2018. The European Commission's total allocation for the period of 2008–2013 foreseen for Cape Verde to address "poverty reduction, in particular in rural and periurban areas where women are heading the