Governors of the central banks of the Baltic States: Lithuania joining the euro area would benefit the whole region

Published: 3 June 2014 y., Tuesday

As the decision of the European institutions on inviting Lithuania to join the euro area approaches, the governors of the central banks of the Baltic States, claim that joining the euro area would strengthen not only Lithuania, but the whole Baltic region as well.

“With Lithuania entering the European Monetary Union, the region of all three Baltic States would, in economic and political terms, become more coherent.
The single European currency is seen as a factor reducing the country’s risk; therefore, together we will have more opportunities to grow, trade will increase and this will create good conditions for the rise of the living standards of the  population in the region,” says Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.

According to him, Estonia, Latvia and Lithuania, in harmoniously turning towards the euro one after another, have proven that they are able to conduct responsible financial policy, overcome crises and ensure sustainable growth.

Ilmārs Rimšēvičs, the Governor of the Central Bank of Latvia, which at the beginning of the year adopted the euro, states that the participation of all Baltic States in the single currency area will be a great asset to their economies, inter alia export-oriented businesses, also providing an opportunity to be involved in the economic activities as a region.

“A regional approach will also help us work jointly towards the implementation of our common understanding of what the future EU should be like. In practical terms, it also meant pulling down yet another barrier in communication among people, when travelling or doing business, and this factor should not be underestimated: actually,  Lithuania and Latvia have the longest borderline of almost 600 km,” says I. Rimšēvičs

Ardo Hansson, the Governor of the Central Bank of Estonia, which was the first Baltic State to join the euro area, emphasises that Estonia’s three-year euro area experience has affirmed the belief that the adoption of the euro was the right decision, which has helped to deepen our economic relations with Europe.

“With Latvia enjoying the first benefits of the single currency area and Lithuania on a firm path of becoming its member, we are not only expanding the borders of the single currency area, but also firmly securing the place of the Baltic States within Europe and the prospects for economic strengthening of the region as a whole,” says A. Hansson.

The governors of the central banks of the Baltic States, at the anuall meeting taking place in Vilnius, besides the euro adoption, also plan to discuss today the preparations for the banking union and the economic challenges to be faced in the near future.

Šaltinis: press release
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment

     

 


Captcha
 

Associated articles

Related videos

05/02/2014

Padėkime augti

The smart way to cash: Newly designed ATM offers fast service via mobile phone

Wincor Nixdorf is now launching a new automated teller machine (ATM) on the market that allows customers to withdraw cash using a smart phone or a near-field communications (NFC) card. more »

The Colombian financial institution Bancolombia hands over the operation of its self-service systems to Wincor Nixdorf

Wincor Nixdorf has received a three-year contract from Bancolombia for the operation of its 1,160 self-service systems. The bank also ordered 800 ProCash 280 automated teller machines. more »

Volksbank Riesa eG redesigns headquarters with innovation with Wincor Nixdorf

Wincor Nixdorf has received the order for a comprehensive branch transformation project from Volksbank Riesa eG. more »

LeKiosk offers customers one-click mobile payment with Gemalto operator billing solution

Gemalto, the world leader in digital security, announces that LeKiosk, France's leading distributor of digital magazines, is deploying its Netsize direct and online operator billing solution​. The end-user benefit is one-click mobi​​le payment for digital magazine downloads charged directly to their regular phone bill. more »

Governors of the central banks of the Baltic States: Lithuania joining the euro area would benefit the whole region

As the decision of the European institutions on inviting Lithuania to join the euro area approaches, the governors of the central banks of the Baltic States, claim that joining the euro area would strengthen not only Lithuania, but the whole Baltic region as well. more »

“Woman of the Year” Award went to the Chairwoman of the Board of the Largest Bank in Kazakhstan

Online magazine “Vlast” has awarded the first winner of “People of the Year” awards in a category “Woman of the Year”. Chairwoman of the Board of AB “Narodny bank Kazachstana” Umut Shayakhmetova who has been holding this position since 2009 became the winner of this award. more »

Best ATM technology: CINEO systems receive award

Wincor Nixdorf has won the "Innovation in Technology and Transaction Banking Award 2013" in the category "Best ATM Technology" presented by the prestigious English-language magazine The Banker. more »

The first cash dispensing machine in the world was installed 46 years ago

The first machine dispensing cash money without operator involved – Automated Teller Machine (ATM, cash dispenser) was installed in Enfield, north London, on July 27, 1967. more »

Barclays credit rating outlook cut by Moody's and S&P

Rating agencies Moody's and Standard and Poor's have lowered their outlook on Barclays from stable to negative amid the bank rate-rigging scandal. more »

Barclays COO Jerry Del Missier resigns

The interest rate rigging scandal at Barclays claimed its third high-profile victim late on Tuesday when chief operative officer Jerry Del Missier resigned with immediate effect. more »