Report of Mr Reinoldijus Sarkinas, Chairman of the Board of the Bank of Lithuania, to the Seimas of the Republic of Lithuania

The report noted that Lithuania successfully complied with all economic convergence criteria and pursued a consistent economic policy directed to the European integration in the first half of 2005. It also noted that the Bank of Lithuania has envisaged the most important works related to the introduction of the euro and performs them according to the established plan.

The report to the Seimas paid attention to those laws and other legal acts of the Republic of Lithuania that should be amended due to the introduction of the euro, so that the law of our state is fully harmonised with the requirements of the legislation of the European Union and does not hinder the changeover to single currency. It is especially important to amend certain provisions of the Constitution of the Republic of Lithuania for this purpose.

In the opinion of the Bank of Lithuania, by further pursuing a solid economic and financial policy, Lithuania has a good opportunity to be one of the first among the new members of the European Union to introduce the euro from the beginning of 2007.

The report of the Bank of Lithuania to the Seimas stated that, due to the growth of the economy of the country, the development of the banking sector remains dynamic and balanced and contributes to further economic development.

Full text of the report is published on the website of the Bank of Lithuania.

Twice a year the Chairman of the Board of the Bank of Lithuania presents reports to the Seimas of the Republic of Lithuania on the implementation of its primary objective and reviews the situation in the banking system of the country.