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2012.11.16 10:37

“It would be much better if we adopted the Euro together with Latvia” – Algirdas Butkevicius

Jorge Marcano | The Lithuania Tribune2012.11.16 10:37

PM-in-waiting, Algirdas Butkevicius has just manifested that he believes that his nation could enter the eurozone at the same time as neighboring Latvia, a Baltic country that is slated to join the common currency in 2014. These statements come after he pledged to delay euro-accession until the year 2015.

PM-in-waiting, Algirdas Butkevicius has just manifested that he believes that his nation could enter the eurozone at the same time as neighboring Latvia, a Baltic country that is slated to join the common currency in 2014. These statements come after he pledged to delay euro-accession until the year 2015.

From his viewpoint and speaking at an online conference organised by Delfi, Butkevicius stated that “it’s a pity that we have been overtaken by Latvia, which plans to adopt the Euro in 2014. I’m afraid it may happen that some people living in Northern Lithuania and businessmen will be able to carry out financial operations in Latvia’s commercial banks from 2014. It would be much better if we adopted the Euro together with Latvia,” expressed the Social Democratic leader.

Expanding on this crucial topic for Lithuania’s future, Butkevicius also said that “first of all, my goal is to adopt the Euro for Lithuania in 2015, which means that we will have to implement stringent fiscal policy and comply with the Maastricht criteria. It means that the public debti will not be able to increase,” Mr. Butkevicius explained.

It must be highlighted that outgoing Prime Minister Kubilius pleded to adopt the common currency by 2014. Originally, Lithuania was supposed to have joined the currency back in 2007 but his entry was rejected because its inflation rate was above that established by the Maastricht criteria.

Estonia joined the exclusive club in January of 2011. For EU Member States to enter the eurozone, they must meet the Maastricht criteria on price stability, public finances, exchange rate stability and long-term interest rates.


The Lithuania Tribune