Lithuania should join the euro on 1 January 2015, as mentioned in a resolution approved by the European parliament this Wednesday, July 16th.
The vote of the European Parliament supports the initiative of the European Commission and leaders of EU member states that was proposed during the meeting of the European Council this June.
The parliamentary resolution was approved with 545 MEPs voting in favour, 116 against and 34 MEPs abstaining from the vote. In it, the EP supports the introduction of euro in Lithuania January 1st, 2015.
“This is good news for Lithuania, Baltic states and the stability of Europe. Since 2006 there has been intensive work, which led to low inflation, a stable exchange rate, a low budget deficit and an acceptable debt to GDP ratio. Welcome to the Eurozone, Lithuania”, said MEP Werner Langen.
MEPs welcome the fact that Lithuania has met all the necessary criteria: recent 12-month average inflation of 0.6 % (well below the required value of 1.7%); government deficit of 2.1% of GDP in 2013 (required value: 3%) and a gross debt ratio of 39.4% of GDP (well below the 60% required value).
Lithuania will be the 19th member of Eurozone.
EP plays a consultative role in the evaluation of potential candidates. The final decision will be made by the European Union General Affairs Council this month.
According to ex-Prime Minister, MEP Valdis Dombrovskis’ representative Dace Šļare, the EU Council will have to gather the majority of votes in order to make the decision on whether or not Lithuania should join Eurozone. The European Parliament will then compile the necessary documents and will prepare a full report.
There is little time left for this procedure, this is why the EP now uses a previously tested fast decision making procedure – having approved the proposal of the European Commission and thereby supporting euro introduction in Lithuania on January 1st, 2015.
‘Lithuania’s entry of Eurozone will erase the last currency obstacle within the Baltic States region, which will undoubtedly benefit trade in the region. It is especially beneficial for Latvia because Lithuania is our country’s largest trade partner. Euro introduction in Lithuania is a positive sign for the whole of Europe,’ – says Dombrovskis.
Source: Baltic News Network
http://bnn-news.com/lithuania-green-light-enter-eurozone-116533
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