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

The country can now join the eurozone on 1 January 2015.

"Lithuania fulfils all the criteria. The government and the national parliament have worked hard over the last years", said MEP Werner Langen, the European Parliament Rapporteur on Lithuania's adoption of the euro.

"Lithuania's accession to the euro is a strong signal for a strong common currency which has successfully fought back the financial market crisis and speculative attacks. With 19 members, the eurozone comprises almost two thirds of EU Member States. This is indeed a clear sign of success", said Langen.

"Lithuania has shown enormous effort since its unsuccessful first application in 2006. Now it is the third of the Baltic States to introduce the euro. Europe is on the right track with its enforced Stability and Growth Pact, the pre-emptive surveillance of the national budgets and the structural reforms in the member states. Welcome, Lithuania, to our forward-looking community of a common currency", the European Parliament Rapporteur said.

As reported, Lithuania will become the eurozone's 19th member. Latvia joined the eurozone on January 1 of this year, while Estonia joined the eurozone in 2011.