Member of the European Commission visits the Bank of Lithuania to discuss preparation for the euro

During the meeting Mr Sarkinas presented the Bank of Lithuania action plan with respect to the adoption of the euro covering the next two years approved on 23 December 2004.The Plan outlines the necessary measures for the alignment of the legal framework, preparation for the cash changeover, public information campaign, development of the infrastructure of the BoL, monetary policy in the new environment and other organisational measures.It also anticipates co-operation among Lithuanian and EU institutions.

The Member of the European Commission viewed positively the Bank of Lithuania action plan and the Bank’s preparations for the adoption of the single currency.

“The Member of the European Commission offered support of the EU institutions in preparation for the euro adoption in Lithuania.In particular, we discussed potential co-operation in the area of public information.We also discussed the preparation and possibilities of the Lithuanian Mint to mint euro coins,” said Mr Sarkinas.

The Chairman of the Board voiced his view that the country would be adequately prepared to adopt the euro in due time.

He also confirmed, during the meeting, that the position of the Bank of Lithuania that, given the benefits of the euro and the necessity to be fully prepared for the changeover, 1 January 2007 was the most adequate date for the introduction of the euro in Lithuania.

After the meeting, Mr Almunia participated in the conference “Lithuania’s Path to the Euro: Challenges and Opportunities” in Vilnius and made a speech.

Mr Sarkinas also gave a speech “Lithuania’s Path to the Euro: Bank of Lithuania View” at the conference.