2005-08-04
The first meeting of the Commission on Coordination of the Adoption of the Euro in Lithuania resolves to prepare the National Euro Adoption Plan
Today, August 4th, the Commission on Coordination of the Adoption of the Euro in the Republic of Lithuania (hereinafter called the Commission), headed by Prime Minister Mr Algirdas Brazauskas, has called the first meeting during which important organisational decisions have been made in order to ensure adequate preparations for the adoption of the euro in Lithuania on 1 January 2007.
The Commission approved Rules of Procedure of the Commission on Coordination of the Adoption of the Euro in the Republic of Lithuania, resolved to set up working groups of the Commission and approved the functions thereof.
Six working groups has been set up to deal with specific issues and submit conclusions to the Commission, these include: Coordination Working Group, Public Information Working Group, Cash Working Group, Business Environment Working Group, Consumer Rights Protection and Social Affairs Working Group, and Legal Issues Working Group. The ministries concerned and the Bank of Lithuania must appoint their representatives, as well as representatives of business and consumer organisations will be invited to participate in the said working groups.
The Commission was charged with a task to present to the Commission the Draft National Euro Adoption Plan by 15 September 2005, which is to cover all the euro-related fields. The Commission is planning to discuss the Draft during the next meeting scheduled to take place in the middle of September.
In the meeting, the Commission also considered urgent issues in relation to timely arrangement of the legal base required for adoption of the euro, in particular emphasising the necessity to amend some of the provisions of the Constitution which are necessary for the introduction of the euro. In addition, the Commission addressed issues of public information on the said matters, and was provided with information about Lithuania’s progress in fulfilling convergence criteria laid down in the Maastricht Treaty for the EU member states which are seeking to adopt the euro.
The Chairman of the Board of the Bank of Lithuania Mr Reinoldijus Sarkinas said: "I remain optimistic and certain about Lithuania's success to fulfil all the Maastricht criteria and adopt the euro according to schedule”.
The Commission on Coordination of the Adoption of the Euro in Lithuania has been set up by the resolution of the Government as of 30 May 2005. The Commission is chaired by the Prime Minister who has two deputy chairmen - the Chairman of the Board of the Bank of Lithuania and the Minister of Finance. Members of the Commission include Minister of the Social Security and Labour, Minister of Economy, Minister of Justice, and Minister of Agriculture as well as the Director General of the Statistics Department under the Government of the Republic of Lithuania.
The Commission is charged with a task to coordinate activity in the process of implementation of the planned measures related to the adoption of the euro in the Republic of Lithuania. When acceding to the European Union, Lithuania assumed the obligation to adopt the euro - the single European currency - in the future. Being a legal tender, the euro will enhance Lithuania’s attractiveness for investors and strengthen trade relations, eventually contributing to more favourable environment for economic development and faster growth in real income of individuals, and reducing the gap in economic prosperity in respect of the EU countries.
The Bank of Lithuania and the Government share the opinion that 1 January 2007 is the most suitable date for the introduction of the euro in Lithuania.
Action Plan of the Bank of Lithuania on the Adoption of the Euro was approved by the Board of the Bank of Lithuania on 23 December 2004.