Economics, EU – Baltic States, Financial Services, Legislation, Lithuania
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Friday, 29.03.2024, 12:59
EU finance ministers approve Lithuania's euro adoption
"
The
move, which must still be approved by EU leaders and reviewed by the European
Parliament, paves the way for
"This
really is not the end of the way but just the beginning," Lithuanian
Finance Minister Rimantas Sadzius
said shortly before the endorsement. "
Earlier
this month, the European Commission said the country had fulfilled all
conditions. The Eurogroup of 18 eurozone finance ministers added its nod of
approval on Thursday.
"This
is a well-deserved achievement for
EU
Economy Commissioner Olli Rehn said
the move was a sign of the eurozone's vitality, after the crisis-battered
currency bloc pulled out of recession last year.
"Contrary
to what the Cassandras were saying some years ago, the eurozone did not break
up, but instead it has been enlarged from 16 to 19," Rehn said Thursday.
One
outstanding issue is the exchange rate at which Lithuanian litas will be
converted into euros. This is to be decided early in July, an EU official said
on condition of anonymity.
All
EU countries except for
The
ministers were also due Friday to consider the commission's 2015 budget
proposal, which foresees an annual increase of about 5%, to EUR 142.1 billion
(USD 193 million).
The
EU's executive has said that the "lion's share" of spending will go
into efforts to boost growth and jobs.
EU
governments have repeatedly sparred with the parliament over the bloc's
budgets. Member states typically seek to limit expenditures, while the
legislature has advocated growth-boosting spending.