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Europaudvalget 2005-06
EUU Alm.del Bilag 260
Offentligt

SEIMAS OF THE REPUBLIC OF LITHUANIA

RESOLUTION

ON THE INTRODUCTION OF THE EURO IN LITHUANIA

4 May 2006

Vilnius

The Seimas of the Republic of Lithuania,

drawing attention

to the fact that the Republic of Lithuania has undertaken in the

Treaty of Accession to the European Union to accede to all other agreements concluded by

the Member States and has been consistently seeking to attain this objective from the date of

accession;

being convinced

of the usefulness for European integration of the introduction of the

single currency (euro);

taking into account

that the Republic of Lithuania has asked the European

Commission and the ECB/European Central Bank to prepare a preliminary Convergence

Report to be published in the middle of May of 2006; the report will assess Lithuania’s

preparedness to join the euro-zone;

evaluating

that Lithuania successfully entered ERM2 two years ago and has been

operating in the euro area for four years, retaining a fixed litas and euro exchange rate;

noting

that Lithuania has an exceptionally small State debt, even below 19%, which is

one of the smallest among the EU Member States, and thereby confirms the state’s financial

stability;

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stressing

that Lithuania, even though not in the euro-zone, but fully adhering to the

objectives of the Stability and Growth Pact, has over several years reduced the state’s fiscal

deficit from 2% to 0.5% and proved that it gives special attention to fiscal discipline;

emphasizing

that even though Lithuania’s economic growth was nearly the highest in

the European Union, Lithuania managed to keep a low and sustainable level of inflation

within the Maastricht Treaty requirements for the Economic and Monetary Union and also

that Lithuania’s average inflation rate has been among the lowest of the euro-zone Member

States whose economic growth is several times lower;

taking into account

that Lithuania fulfils the long-term interest rate criterion and that

Lithuania, in preparation for the introduction of the euro, implemented all legal and

administrative measures;

accentuating

the exceptional progress Lithuania has made over the last fifteen years

after the restoration of the independence of the state of Lithuania: Lithuania has managed to

create a sustainable market economy, to become an EU Member State and to achieve a high

level of economic and financial stability;

stresses

that the progress made under the fixed litas-euro exchange rate regime is

illustrative of the fact that Lithuania is ready to maintain a high rate of growth of living

standards so as to become equal with the Member States of the euro-zone and to effectively

contribute to the attempts of the euro-zone Member States aimed at the growth of the EU

economy;

states

that Lithuania’s indicators comply with all Maastricht criteria applied when

entering the euro-zone and that according to its economic growth Lithuania is ready to adopt

the euro as of 1 January 2007;

is of the opinion

that the European Commission and the European Central Bank

should give an objective and comprehensive assessment of Lithuania’s progress, the

assessment should comply with the provisions of the Treaty on European Union regarding the

requirements applicable to the euro-zone entrants and be in keeping with the unquestionable

benefit of the euro-zone expansion for the EU and the strengthening of the euro in

international markets;

recommends

to take into account Lithuania’s stable inflation indicators, regardless of

the temporary external factors, which are outside its control and are related to, e.g., increase in

oil and natural gas prices;

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calls on

the EU institutions and Member States who will be responsible for taking

decisions at the June 2006 European Council to take regard of Lithuania’s progress seeking

entry in the euro-zone and to evaluate accordingly the stability of Lithuania’s prices in the

current situation;

urges

the President of the Republic, the Government of the Republic of Lithuania, the

Bank of Lithuania, the Lithuanian representatives at the European Parliament to continue

taking all necessary steps seeking favourable decisions by the heads and institutions of the EU

Member States; and

requests

to continue actively informing the public about the effect the introduction of

the euro will have on Lithuania’s economy in general and every citizen of the Republic of

Lithuania in particular.

SPEAKER OF THE SEIMAS

OF THE REPUBLIC OF LITHUANIA

VIKTORAS MUNTIANAS