Lithuania in EMU on 2015

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Re: Lithuania in EMU on 2015?

Post by westwind » Thu May 15, 2014 3:08 pm

Lithuania, with a margin, is in accordance to the euro area standards
http://www.lb.lt/v_vasiliauskas_the_cur ... _standards

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Re: Lithuania in EMU on 2015?

Post by westwind » Wed Jun 04, 2014 2:30 pm

The door to the eurozone opened up for Lithuania
June 4, 2014

Lithuania complies with the Maastricht criteria and is ready to join the eurozone as of 1 January 2015, concluded the European Commission and the European Central Bank in their convergence reports.

The reports note that Lithuania has made a considerable progress by pursuing economic reforms and responsible fiscal policy with a view to seeking membership of the eurozone.

The European Commission’s convergence report to the European Parliament and the Council stated that the average annual inflation was 0.6 per cent in Lithuania at the end of April, and this was a much lower indicator than the Maastricht criterion of 1.7 per cent.

In 2013, the general government deficit-to-GDP ratio amounted to 2.1 per cent (against the criterion of 3.0 per cent), and the ratio of general government debt to GDP was 39.4 per cent (while the criterion, 60 per cent).

The average long-term interest rate indicator stood at 3.6 per cent, while the convergence criterion was 6.2 per cent. National legislation has been harmonized with the Treaty, and the litas exchange rate against the euro remains stable.

European Commissioner for Economic and Monetary Affairs and the Euro Olli Rehn has announced that the European Commission had submitted a proposal to the Council on Lithuania’s joining of the eurozone.

Prime Minister Algirdas Butkevičius: “Our joint concerted efforts and consistent work have been noticed and acknowledged. Introduction of the euro is a strategic step of Lithuania, well thought-out economically and politically, and is aimed at a more rapid economic growth and, at the same time, better life for the citizens of our country. Also, in consideration of the situation close to Lithuania’s borders, adoption of the euro acquires even greater significance. It is yet another step towards an economic, financial, and political security of our country”.

“It is symbolic that, having celebrated the 10th anniversary of Lithuania’s membership of the European Union, we are close to a new baseline, yet another historic moment in the development of our country: today the European Commission has opened the door for Lithuania to the eurozone”, said Minister of Finance Rimantas Šadžius. According to the Minister, Lithuania, as a member of the eurozone, will have greater trust from its foreign partners, which means larger investment, more favourable borrowing, lower unemployment, and growing personal income. “Favourable decision by the European Commission is merely the beginning of our path. We must ensure that the euro is welcomed by our citizens, and its adoption is smooth”, said Šadžius.

“Today’s news from Frankfurt and Brussels is not a surprise: having duly completed our homework, and having pursued constant monitoring of compliance with the convergence criteria, we had expected this result”, said Chairman of the Board of the Bank of Lithuania Vitas Vasiliauskas. According to him, conclusions by the EU institutions is a solid affirmation to Europe and the world that Lithuania has independently overcome the economic crisis and has restored its economy, reinforced the banking sector, and laid foundations for the future development. “We have flawlessly completed half of the work, but this is just the beginning”, said the Chairman of the Board of the Bank of Lithuania, and stressed that membership of the eurozone and the Banking Union will not automatically provide guarantees, but will open up new opportunities. “To make these opportunities reality, we must abide by the same preconditions: financial prudency, transparency, and discipline”, said Vasiliauskas.

On 19 June 2014 the finance ministers of the eurozone (the Eurogroup) will discuss Lithuania’s joining of the eurozone; on 20 June, the Economic and Financial Affairs Council (ECOFIN) will be held; and on 26–27 June a discussion at the European Council is scheduled to take place. Following a discussion, the European Parliament will announce its opinion in the middle of July.

The European Council plans to make the final decision on Lithuania’s joining of the eurozone on 23 July.

Lithuania will be the 19th member state of the European Union having adopted the euro.

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Re: Lithuania in EMU on 2015?

Post by tabbs » Wed Jun 04, 2014 3:27 pm

Hehe, we cover that in more than one topic, it seems. ;)
http://forum.eurobilltracker.com/viewto ... 9#p1070829" onclick="window.open(this.href);return false;

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Re: Lithuania in EMU on 2015?

Post by westwind » Mon Jun 16, 2014 11:08 am

tabbs wrote:Hehe, we cover that in more than one topic, it seems. ;)
http://forum.eurobilltracker.com/viewto ... 9#p1070829" onclick="window.open(this.href);return false;
Current topic is much more Lithuanian than other one which doesn't even have the name of the country in its title 8)

Meanwhile...
http://en.delfi.lt/69136/lithuania-star ... -201469136
and some photos of this event: http://www.delfi.lt/verslas/verslas/pir ... d=65051341

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Re: Lithuania in EMU on 2015?

Post by tabbs » Tue Jul 22, 2014 3:01 pm

From the EBS program for tomorrow. :)

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Re: Lithuania in EMU on 2015?

Post by westwind » Wed Jul 23, 2014 3:32 pm

Lithuania Is accepted into the Eurozone, from 1 January 2015 the Euro is to be the national currency of Lithuania :flag-lt:

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Re: Lithuania in EMU on 2015?

Post by RKPLt » Wed Jul 23, 2014 5:21 pm

So - the question mark can be already taken off ;)
Geros medžioklės! / Have a good hunt!

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Re: Lithuania in EMU on 2015?

Post by tabbs » Wed Jul 23, 2014 6:52 pm

Yep, and we also know the conversion rate: 1 EUR = 3.45280 LTL (same as the central ERM-II rate). Welcome, Lithuania! Some practical info:

On 23 October, a euro exhibition will open in Vilnius. Also, there will be a euro campaign website at http://www.euras.lt" onclick="window.open(this.href);return false; - as far as I can tell, that has not gone live yet, but euro related information can also be found here: http://www.lb.lt/euro" onclick="window.open(this.href);return false;

In the first two weeks of January, both euro and litas can be used. As from 16 Jan 2015, only the euro notes and coins will be legal tender. There will be various ways of exchanging litas cash, free of charge:

* In Lithuania: Notes and Coins
- Until 1 March 2015, all banks and more than 300 post offices will exchange litas into euro.
- Until 30 June 2015, all banks provide the same service.
- In the second half of 2015, some banks continue a free exchange service for litas notes.
- The central bank (Lietuvos Bankas) will exchange litas cash into euro indefinitely (without any time or amount limit).

* Elsewhere in the Euro Area: Notes only
- The national central banks and their branch offices in other euro countries will exchange litas notes into euro for two months, in January and February. This service is also free but limited to a volume of €1,000 per customer/day.

Christian

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Re: Lithuania in EMU on 2015

Post by mizar » Thu Jul 24, 2014 11:18 am

euras.lt redirects to euro.lt

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Re: Lithuania in EMU on 2015

Post by tabbs » Thu Jul 24, 2014 12:24 pm

... which equally displays nothing but a blank page here. :roll: Tried it with two different browsers; that is why I assumed that the site might not be up and live yet. If it works for you, great!

Christian

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Re: Lithuania in EMU on 2015

Post by mizar » Thu Jul 24, 2014 3:13 pm

Yeah, it works here in any browser

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Re: Lithuania in EMU on 2015

Post by tabbs » Thu Jul 31, 2014 3:30 pm

Well, not here -- all I get is that famous blank page. However, when I add a language shortcut, it suddenly works!

http://www.euro.lt/" onclick="window.open(this.href);return false;  -->  A big white window. :(
http://www.euro.lt/en/" onclick="window.open(this.href);return false;  -->  Ta-daa, the site (English version) in its full glory. :)

No idea why the site is set up this way. In other news, the euro exhibition that is currently in Den Haag (The Hague, NL) will be in Vilnius later this year:
* until 1 September: Den Haag, Netherlands (Stadhuis/Atrium, Spui 70)
• 23 October 2014 - 5 January 2015: Vilnius, Lithuania (Palace of the Grand Dukes of Lithuania, Katedros a. 4)

Christian

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Re: Lithuania in EMU on 2015

Post by westwind » Tue Aug 26, 2014 8:42 pm


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Re: Lithuania in EMU on 2015

Post by westwind » Wed Sep 24, 2014 2:17 pm

In pursuit of greater awareness of the public on the future currency, prior to the adoption of the euro, in December, sets of Lithuanian euro coins, worth 11.59 € (40 LTL), will be available at banks and branches of Lithuanian Post and the public will be able to acquire them. Their production has already begun; their total number will be 900 thousand pieces.

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Re: Lithuania in EMU on 2015

Post by westwind » Wed Oct 22, 2014 10:27 pm

This board delivered today all Lithuanian euro notes to their home 8)

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