When joining the European Union (EU), Lithuania assumed the obligation to adopt the euro single currency of the EU in the future. The introduction of the euro will strengthen Lithuania’s attractiveness for investment, support its trade relations and, in the long run, will create more favourable conditions for the development of the national economy.

Setting the date of the adoption of the euro in any EU Member State is within the competence of the EU Economic and Financial Affairs Council (ECOFIN).

Lithuania planned to adopt the euro on 1 January 2007 and was actively preparing to move to the single currency of the EU. The Convergence Report of the European Commission (EC) and the European Central Bank (ECB) published on 16 May 2006 outlined a progress made by our country in fulfilling its obligations. In 2006, the EC drew a conclusion that the status of Lithuania, as an EU Member State with the derogation to use its national currency, should remain unchanged. The reports also pointed out that average annual inflation in Lithuania was only slightly above the reference value established in the Maastricht Treaty.

The Government of the Republic of Lithuania approved the Commission for the Coordination of the Adoption of the Euro in the Republic of Lithuania by its Resolution No. 592 of 30 May 2005, the key objective of which is to ensure preparation and proper implementation of the National Changeover Plan.

On 25 April 2007, the Government of the Republic of Lithuania approved the revised National Changeover Plan and Public information and communication strategy on the adoption of the euro in Lithuania.

Information on the changeover conditions, impact of the switch to the single EU currency on the national economy and its citizens is available on the Bank of Lithuania website. It provides an overview of the main efforts of the Bank of Lithuania in preparation to adopt the euro and information about compatibility of legal acts of the Republic of Lithuania with those of the European Union in order to create conditions for the adoption of the euro. On the website, you can also find the National Changeover Plan, the Cash Changeover Plan, draft Law on the Euro Introduction in the Republic of Lithuania as well as articles, opinions and documents on the subject of the euro (Euro Library). The website also gives brief definition of the history and the present of the euro, and describes euro banknotes, coins and the euro area. Questions and answers about the euro are constantly updated and supplemented with due account to urgent issues and inquiries of the public.