WORLD
Lithuania enters the Eurozone
Baku, January 2, AZERTAC
Lithuania on Wednesday obtained approval on its plans to join the eurozone on January 1. Ministers from the 28-nation bloc cleared the final legal hurdle for Lithuania to become the 19th member of the currency zone encompassing some 330 million people. The country had been given preliminary approval in June.
"I am confident that introducing the euro will bring a range of practical benefits to Lithuanian companies and citizens, including the elimination of exchange rate risk and lower transaction costs, said Jyrki Katainen interim Commissioner for Economic and Monetary Affairs.
The European affairs ministers on Wednesday gave the final green light and set the conversion rate that will be used to replace Lithuania‘s currency, the lita, thus giving the Eurozone something to celebrate. In spite of the tranquillising political declarations from the Commission and the capitals, the Euro is still in deep crisis, and a new country joining the area was the much-needed symbol of some progress being accomplished.
"I believe we deserve to have this decision," Lithuanian Foreign Minister Linas Linkevicius said as he arrived for the ministers‘ talks in Brussels.
"We will be a reliable member of the eurozone," he said. "The euro is not just a coin or piece of metal; for us, it‘s belonging to the right club."
In his turn, Lithuanian Prime Minister Algirdas Butkevicius said adopting the euro will strengthen the Baltic nation's economy. Alluding to the tensions with Russia over Ukraine, he added deeper integration with western Europe "means greater security as well."
Lithuania's Baltic neighbors, Estonia and Latvia, are already members of the euro. All three countries achieved independence from the Soviet Union in 1991.