2012-10-16 12:08

European Commissioner Algirdas Šemeta calls on Lithuania to continue seeking eurozone membership

Lithuania's European commissioner Algirdas Šemeta has called on the country to continue to strive to join the eurozone and not to relax after living through the economic crisis, the dailies Vilniaus Diena and Kauno Diena report.
Algirdas Šemeta
Algirdas Šemeta / Andriaus Ufarto/BFL nuotr.

The EU commissioner has told the papers that he is, and has always been, a supporter of Lithuania's eurozone membership.

"I don't see any reasons for us not being there. The litas has been pegged to the euro at a fixed rate, but we can't exercise the rights of a eurozone member," he said.

Šemeta also said that Lithuania must become a member of the eurozone banking union.

"The banking union should help stabilize the eurozone-wide financial sector. That would help make a big step forward in controlling the effects of the crisis in the eurozone," he said.

The EU commissioner notes that Estonia will automatically become a member of the banking union because it has adopted the euro and that Latvia is taking active efforts to join the eurozone on 1 January 2014.

Lithuania is one of the countries that are seen in the EU as an example of how to solve economic crisis-related problems, but it is too early to loosen the reins, he said.

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