2005-11-07
On 7 November, Ms Ramune Zabuliene, Deputy Governor of the Bank of Lithuania, briefed Commissioner Joaquin Almunia about the technical preparations of the Bank of Lithuania and domestic commercial banks for the changeover to the euro. They also discussed the issues of public information on the euro and legal convergence.
Ms Zabuliene mentioned that measures were being provided to ensure safe frontloading of commercial banks with euro banknotes, and these issues were coordinated among different institutions.
The representative of the Bank of Lithuania stated that detailed information on the single currency would reach the entire population of the country during the euro information campaign that would involve different channels and ways of communication. Involving a larger number of public and municipal institutions in the communication process is being considered, which would result in supplementing Lithuania's public information and communication strategy on the introduction of the euro and the plan of measures for its implementation.
Commissioner Almunia said the EC would cooperate with Lithuania in providing information about the experience of euro area countries with respect to the changeover to the euro.
Mr Zigmantas Balcytis, Minister of Finance, who was also present at the meeting, was optimistic about Lithuania meeting economic convergence criteria to allow it to adopt the euro on 1 January 2007.
Commissioner Almunia promised that the date of the EC Convergence Report assessing Lithuania's readiness to adopt the euro would be made known early next year.