Analytics, Economics, EU – Baltic States, Financial Services, Legislation, Lithuania

Photo: lb.lt

The ECB president emphasized that the Baltic States' membership in the euro area is significant for the Union because they have shown that financial difficulties can be overcome by political resolve, portal Vz.lt reports.

"We are counting the days – now less than a hundred remain – and the last tasks that separate us from the moment when our country will enter the euro area. I have no doubts that our country will be a responsible and active member of this family; with our experience, stubbornness and abilities we will help create a successful future for this old continent and each and every one of us," said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, during the Euro Star ceremony.

In his speech, the head of the Bank of Lithuania also expressed his respect for the litas, which, being stable and reliable, paved the way towards the euro.

"The adoption of the euro will be mutually beneficial. Lithuania will benefit from the single currency, economic input of the Baltic states is rather significant, comprising approximately 2% of the European Union's GDP. Being a member of the euro group Lithuania should become more secure," Draghi said.

Mario Draghi who is paying a visit to Lithuania for the first time says that after adopting the euro Lithuania will become more secure geopolitically.

"The adoption of the euro will be mutually beneficial. Lithuania will benefit from the single currency, economic input of the Baltic states is rather significant, comprising approximately 2% of the European Union's GDP. Being a member of the euro group Lithuania should become more secure," Draghi said after the conference the Euro in Lithuania: One Market, One Currency, Common Future.

The ECB president emphasised that the Baltic States' membership in the euro area is significant for the Union because they have shown that financial difficulties can be overcome by political resolve.

Chairman of the Board of the Bank of Lithuania Vitas Vasiliauskas said that in the medium term the country will successfully fulfil the Maastricht criteria – manage inflation and balance public spending.

According to the chairman, in the medium term inflation will not exceed 2% and there are no factors that would cause inflation to rise sharply.