2013-11-26
The Chairman of the Board of the Bank of Lithuania, in speaking at the Lithuanian Business Confederation conference “The euro and the 2014 budget”, noted the long-term and one-off costs-exceeding benefits of euro adoption, which will be felt by businesses as well.
“On the basis of research performed by the Bank of Lithuania's economists, businesses, according to the basis scenario and due to decreased interest rates, over 8 years will save more than LTL 1 billion, while almost LTL 2 billion will be saved due to the litas and euro currency exchange costs disappearing”, said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.
He noted that despite the favourable projections of meeting the Maastricht criteria, necessary for euro adoption, it is important also to ensure fiscal discipline and coordinate Lithuanian and EU law.
Presentations at the conference for the business community were also read by Rimantas Šadžius, Minister of Finance, Marius Dubnikovas, Chairman of the Tax Commission of the Lithuanian Business Confederation and President of the Lithuanian Financial Brokerage Association, Stasys Kruopas, President of the Association of Lithuanian Banks, Laurynas Vilimas, Executive Director of the Association of Lithuanian Trade Enterprises, Linas Dičpetris, partner of Ernst&Young, and Pekka Puolakka, managing partner of SORAINEN. The discussion was moderated by Valdas Sutkus, President of the Lithuanian Business Confederation, and over 200 guests and media representatives participated in the event.