"This is a well-deserved achievement for Lithuania, after an impressive convergence process and remarkable re-emergence from the financial crisis," said President of the Eurogroup and Financial Minister of the Netherlands Jeroen Dijsselbloem.
Rimantas Sadzius said he presented guidelines of Lithuania's future financial and economic policies. The minister also reassured that Lithuania would seek to be an active and reliable partner in the euro area. Sadzius highlighted the need to continue sound economic and fiscal policies.
In the letter to the Eurogroup submitted before the meeting Lithuania pledged to continue sound financial policies and enhance their control structure, to continue structural reforms increasing Lithuania's competitiveness and promoting employment, to ensure stability of the financial sector and its effective integration into the banking union. The letter was signed by Prime Minister Algirdas Butkevicius, Minister of Finance Rimantas Sadzius and Chairman of the Board of the Bank of Lithuania Vitas Vasiliauskas.
On Friday Lithuania's membership in the euro area will also be considered at the EU Economic and Financial Affairs Council (ECOFIN). It is expected that countries of the euro area will approve the recommendation to invite Lithuania in the euro area from 1 January 2015.
The matter will also be addressed by the European Council on 26-27 June and by the European Parliament in mid-July. The final will be taken by the Council of the European Union on 23 July.
