OREANDA-NEWS. On April 01, 2009 an international seminar ”The Euro Day in Vilnius” was held in the Seimas in Vilnius. The seminar was organised by the Ministry of Finance and the Bank of Lithuania together with the European Commission, reported the press-centre of Bank of Lithuania.

Mrs Ramune Zabuliene, Deputy Chairperson of the Board of the Bank of Lithuania, delivered a speech in the Conference about Lithuania’s possibilites to introduce the euro and informed about the Bank of Lithuania preparation to do this.

According to Mrs Ramune Zabuliene, currently, when attempts of the national economic policy are orientated to the solving of repercussions entailed by an international financial crisis and slowdown of the national economy, the euro introduction issue may appear to be less acute.

„However, this is not true. The importance of the preparation for the euro introduction has strengthened even more. This can also be proved by the experience of the new EU countries which have introduced the euro recently. The introduction of the single currency is an important additional factor supporting the stability of the national economy and finances in turbulent times and at the same time establishing more favorable conditions for the economic growth”, - said Deputy Chairperson of the Board of the Bank of Lithuania.

„Considerable uncertainty over the global and Lithuanian economy in a few coming years remains. Therefore, it would be very hard to forecast the euro adoption date in Lithuania, however, I firmly believe that in a few coming years we will become part of the euro area. The Bank of Lithuania approves and supports efforts of the Government of the Republic of Lithuania not only to overcome financial crisis but also to fulfill convergence criteria and adopt the euro as soon as possible“, - stated Mrs Ramune Zabuliene.

She reminded that the inflation had been the main impediment hampering the euro introduction in Lithuania from the start of 2007. Lithuania may expect to implement the price stability criterion in the near future.

Mrs Ramune Zabuliene noted that currently a certain anxiety was posed by two convergence criteria which had been successfully implemented before the global financial crisis and economic slowdown in Lithuania.

Mrs Ramune Zabuliene said that the Bank of Lithuania continued its consecutive preparatory work on the introduction of the euro following the action plan for the adoption of the euro, coordinated scheduled preparations for the adoption of the euro with the Government of the Republic of Lithuania and other institutions, gave flexible assessment of the current situation and, in case of need, adjusted actions planned.

Mr Ralph Wilkinson, Deputy Head of Unit, Directorate Economies of the Member States, European Commission, made a presentation on ”European Commission assessment of the 2008 update of the Lithuanian convergence programme“.

Presentations were also made by other speakers from Lithuania and foreign countries, discussions were held with finance experts.

The Seimas and Government members, officials from public authorities , and representatives of the academic society took part in this arrangement.