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Lithuania presses on with early euro entry bid

Lithuania presses on with early euro entry bid
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New Lithuanian Prime Minister Zigmantas Balcytis is determined to broach the question in Brussels of his country’s thwarted bid to join the euro this January over its inflation rate being one tenth of one percent higher than allowed in the entry criteria.

Lithuania meets the other requirements. President Valdas Adamkus is accompanying Balcytis in Brussels. He told EuroNews:
“I heard from a very high-ranking European Union official – not naming him – that ‘You are at the wrong time in the wrong place,’ because there are some other countries which have much larger inflation… and ‘if we make an exception for that fraction, which probably should be overlooked, then definitely we are opening up the way for others’.”

Lithuania says it is maintaining its goal of adopting the single currency as soon as possible. To Vilnius’s frustration, the Eurogroup is pursuing a policy of strict application of the rules where new entrants are concerned.