2014-02-19
The ECB assessed the Draft Law on the Adoption of the Euro in the Republic of Lithuania
The European Central Bank (ECB) published an opinion on the Draft Law on the Adoption of the Euro in the Republic of Lithuania. The opinion was stated after receiving a request from the Ministry of Finance of the Republic of Lithuania to present an opinion on the Draft Law on the Adoption of the Euro in the Republic of Lithuania.
The ECB’s competence to present the opinion is based on Article 127(4) of the Treaty on the Functioning of the European Union, Article 282(5), and the first, second and third indents of Article 2(1) of Council Decision 98/415/EC1, as the Draft Law is related to currency issues, payment instruments and the Bank of Lithuania.
The Law on the Adoption of the Euro in the Republic of Lithuania will establish the procedures for euro adoption, litas exchange into euro, withdrawal of national currency from circulation, and regulate other practical aspects of euro adoption. This law has been drafted and presented to the Ministry of Finance by the Bank of Lithuania.
On 23 January 2013 the Seimas, after presentation, approved the Draft Law on the Adoption of the Euro in the Republic of Lithuania and its secondary legislation by majority vote. At the Government’s request, they will be urgently debated and should be adopted during the Seimas’ spring session, to begin in March. During the debates on the Draft Law at the Seimas the ECB’s comments should be assessed.