2013-10-11
Lithuania has good opportunities to adopt the euro in 2015, and fiscal discipline should remain the major direction of economic policy, Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, stated after a meeting with Deputy Managing Director of the International Monetary Fund (IMF) Ms Nemat Shafik in Washington.
“Lithuania’s capabilities to conduct responsible financial policy, as have been exhibited in the recent few years, are particularly well received by international institutions. However, we must stay alert, because the discipline of public finances is a shield protecting our state from potential external shocks,” said V. Vasiliauskas.
IMF experts, who recently analysed the general macroeconomic situation in Lithuania, trends in economic development, the financial sector situation, implementation of budgetary and social policy instruments, also assessed positively the country’s objective to adopt the euro, and emphasized the importance of fiscal discipline.
During the meeting with Ms N. Shafik the Lithuanian delegation also presented the priorities of Lithuania’s Presidency of the Council of the EU. In contributing to sustainable economic growth, financial stability and sustainability of public finances, one of the major priorities is the creation of a banking union.
“During its Presidency of the Council of the EU, Lithuania aims that further progress is ensured in the field of the creation of the banking union. Joint supervision of the financial sector, its regulation, will help strengthen the financial market of the EU and will also reduce its financial fragmentation,” V. Vasiliauskas said.