BNS: Lithuanian PM says EU could fast-track Baltics into euro zone
Updated 2009-03-18
VILNIUS, Mar 18, BNS - Lithuanian Prime Minister Andrius Kubilius indicated on Wednesday that a political decision by the European Union to speed up the accession of the Baltic countries to the eurozone could help them ease the effects of the financial crisis. "We are not asking for any simplifications. We are doing our homework [on Maastricht criteria compliance] and will continue to do it; the European Commission and all experts know that," Kubilius told reporters after a meeting at the president's office.
"Discussions about how to deal with the effects of the economic and financial crisis in the EU and in regions with certain specific problems - I mean the Baltic region - are going to continue, and if the EU takes a decision that one of the instruments could be a faster adoption of the euro, we will certainly not object to this," he said.
Kubilius was speaking after meeting with President Valdas Adamkus, Foreign Minister Vygaudas Usackas and Energy Minister Arvydas Sekmokas. The meeting was held to discuss Lithuania's position at the European Council in Brussels this week.
The prime minister said that Lithuania could be close to meeting the Maastricht criteria for euro adoption as soon as in early 2010.
"We predict that the Lithuanian economy may meet the Maastricht criteria at the start of 2010, but we are not raising the question of whether we will apply for euro entry at this time. As far as we are concerned, we are ready to become a member of the eurozone any time," he said.
Kubilius pointed out two possible ways. The first is "for Lithuania and the Baltic states to ask to be allowed to introduce the euro sometime in the future - under the current rules, this could happen in 2011 or 2012," he said.
"There is another way: the EU itself decides how to help to overcome the crisis, and euro adoption is one of the instruments," the prime minister said.
Lithuania sought to introduce the single currency from the beginning of 2007, but was refused entry on the grounds that its inflation rate was marginally above the Maastricht limit.
