2006-11-24
Presentation of Lithuania and its preparedness to introduce euro in British capital's financial centre
On 23rd of November, a seminar dedicated to the Lithuanian economy, investment and business opportunities in our country, as well as Lithuania's cultural traditions was organised for the Great Britains business community in the City, the financial centre of London.
Ramunė Zabulienė, a deputy governor of the Board of the Bank of Lithuania, attended the seminar to read a statement on “Preparations for the Euro: Strategy and Perspectives” stating that membership in the euro area would be an ultimate outcome of Lithuania’s European integration process which started more than fifteen years ago.
“The economic policies pursued by Lithuania laid down sound macroeconomic foundations for the adoption of the euro. High degree of openness of the economy, expanding trade with the euro area countries, relative wage and labour market flexibility, and increasing integration of domestic financial sector allow it to absorb economic shocks without currency devaluations, and together with sound public finance policy prove that country’s economy is ready for the euro,” - Ramunė Zabulienė said.
She also noted that markets have not perceived a postponement of the euro adoption as a major economic setback. Lithuania remains one of the front running candidates for the early adoption of euro.
Fast economic convergence poses a challenge for meeting of the Maastricht inflation criterion, but tighter fiscal position should help to pave the way to the adoption of the euro, the deputy of the governor of the Bank of Lithuania concluded.
The seminar in London was organised by the Embassy of Lithuania in the UK with the assistance of the British Chamber of Commerce in Lithuania and International Financial Services London (IFSL), an organisation in the London’s City.
Around 100 representatives of the London’s City-based financial, banking and consultancy firms were invited to the seminar.