Issues related to the adoption of the euro were discussed at the Bank of Lithuania with a member of the European Commission

“We discussed the process of preparation of Lithuania for participation in the euro area with the Member of the European Commission”, said Mr Reinoldijus Sarkinas, Chairman of the Board of the Bank of Lithuania.

Participants of the meeting expressed their opinions on the macroeconomic and financial situation of Lithuania and its ability to meet the criteria for the adoption of the euro.

The guest was informed about the work performed by the Bank of Lithuania in preparation for the adoption of the euro.

The meeting at the Bank of Lithuania took place after the conference “Lithuania and the Euro” organised on Monday by the European Commission Representation in Vilnius. At the conference, Mr Joaquin Almunia, Member of the European Commission, made a presentation “Enlargement of the Euro Area: Opportunities and Challenges”, while Mr Reinoldijus Sarkinas, Chairman of the Board of the Bank of Lithuania, and Zigmantas Balcytis, Minister of Finance, presented the process of preparation of Lithuania for joining the euro area. The speakers answered the questions of politicians, businessmen and journalists who participated in the conference.

In his presentation, the Chairman of the Bank of Lithuania evaluated the economic development of our country in recent years and its economic convergence with the euro area states, reviewed the prospects of ensuring price stability and the future works of the Bank of Lithuania in preparation for the adoption of the euro.

Mr Reinoldijus Sarkinas mentioned that the dissemination of objective information on the euro in Lithuania should be the common goal of not only the Bank of Lithuania and the Government of the Republic of Lithuania, but also politicians, public organisations, analysts and the press. The governor of the Bank of Lithuania encouraged everyone to join efforts for a constructive, responsible and professional presentation of the matters related to the adoption of the euro to the public without causing unfounded fears about the consequences of the adoption of the euro and by avoiding vain politicking.

In summary, the Chairman of the Board of the Bank of Lithuania noted that the strong economic growth and the changing economic environment raise new challenges with respect to ensuring the price stability.

“It is necessary to take decisive measures in order to adopt the euro, since it is useful to Lithuania. The Bank of Lithuania attentively monitors the rapid expansion of the financial sector and strictly controls the development of the loan quality of credit institutions. The works related to the preparation of the Bank of Lithuania for the adoption of the euro will be continued. Certain measures and the terms of their implementation will be modified in order to ensure proper readiness of the areas that are most important and require the largest amount of time and efforts of preparation”, said Mr Reinoldijus Sarkinas.