The Adoption of the EuroThe Adoption of the Euro
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© European Central Bank |
Setting the date for the adoption of the euro by any Member State of the European Union (EU) is within the competence of the Economic and Financial Affairs Council (Ecofin Council).
Lithuania planned adopting the euro from 1 January 2007 and actively prepared for the changeover to the single EU currency: however, the average annual inflation rate in Lithuania was slightly higher than the reference value established by the Maastricht Treaty. Therefore, in May 2006 the European Commission made a conclusion that the status of Lithuania as an EU Member State with a derogation regarding the temporary use of the national currency should not be changed.
On 19 December 2007 the Lithuanian government approved the Convergence Programme of Lithuania for 2007. The Convergence Programme confirmed that Lithuania will make efforts to join the euro area as soon as possible. According to the available data, the best period for joining the euro area starts in 2010.