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Vitas Vasiliauskas congratulated the central bank of Latvia on the euro adoption occasion

January 1, 2014

The Chairman of the Board of the Bank of Lithuania, Vitas Vasiliauskas, today, in congratulating Ilmārs Rimšēvičs, head of Latvijas Banka, on the occasion of the country’s accession to the euro area, noted that the European Union single currency will add to the more rapid economic development of the neighbouring country, growth of the well-being of the people.

“Acceptance into the euro club will affirm that the country is able to perform responsible economic policy. Lithuania is on that same track. Once all three of the Baltic countries, connected through economic ties, adopt the euro, our region will become even more attractive to investors, preconditions will form for additional jobs, while the disappearing barriers will increase the trade volume,” says V. Vasiliauskas.

As he noted, the central bank of Latvia, along with other institutions, performed an enormous task in preparing for the euro adoption and allow us to hope that the changeover to the EU single currency will go smoothly.

Latvia will become the eighteenth member of the euro area. In Estonia the euro has been in circulation from early 2011.

Lithuania hopes to successfully meet the changeover requirements, called the Maastricht criteria, and on 1 January 2015 should adopt the EU single currency.