Lithuania becomes 19th member of Eurozone

[European Knight]

As the clock struck 12 on 1 January 2015 Lithuania officially bid farewell to the litas and adopted the euro.

After a great deal of discussion, uncertainty and waiting, Lithuania has finally fulfilled an objective that it has been pursuing for almost a decade. The goal of introducing the single currency of the European Union was announced when Lithuania joined the EU in 2004. The country had sought to become the first of the Baltic states to adopt the euro in 2007. However, the country stumbled initially as it failed to meet the Maastricht criteria on inflation: its threshold in May 2006 was 2.6 percent, while Lithuania's inflation at the time was at 2.7 percent. As a result, in May 2006, the European Commission gave a negative answer regarding the euro adoption. The European Central Bank (ECB) and the European Council returned the same verdicts.

The introduction of the new currency was delayed due to the global economic crisis. Nonetheless, the idea was never abandoned and preparatory work continued. Consultations over Lithuania's euro membership began in Brussels in March 2013. The Lithuanian Parliament adopted the Law on the Euro Adoption in April 2014, while the plan for the introduction of the new currency was approved in the summer.

http://www.baltictimes.com/lithuania...r_of_eurozone/

[KawaiiKawaii]

Youhou, even more poor countries joining a failed currency.

[European Knight]

Youhou, even more poor countries joining a failed currency.

This is right and i will add Euro zone was made to live over the EU Financial ressources because european politicians love to live in luxury

[Rugevit]

Good on them.

[Rugevit]

As I understand Lithuanian currency Litas was first introduced in the 1920s, which is not historic Lithuanian currency from the Grand Duchy of Lithuania era. I was curious why Lithuania would invent a new name seeing the country adhering to some symbols and traditions of the GDL.

[Permafrost]

They should've look up to their neighbours the Poles, who won't enter the eurozone on purpose.

Once shit hits the fan, devaluation won't be a possible option for Lithuanians.

[Permafrost]

As I understand Lithuanian currency Litas was first introduced in the 1920s, which is not historic Lithuanian currency from the Grand Duchy of Lithuania era. I was curious why Lithuania would invent a new name seeing the country adhering to some symbols and traditions of the GDL.

During the time of the commonwealth they used the złoty together with the Poles. So that wasn't a viable option.

Earlier than that, I do not know.

[Willem]

The euro is tanking as of late against the dollar. Now it's almost at 10 year lows vs USD.

Looks like I have to cut back on ordering stuff from the US.

[Rugevit]

They should've look up to their neighbours the Poles, who won't enter the eurozone on purpose.

Once shit hits the fan, devaluation won't be a possible option for Lithuanians.

Poland and Lithuania have different economies and populations. Latvia joined Eurozone first. Lithuania announced few years ago it was not ready till 2015. Poland will join sometime in future.

[Vasconcelos]

There are easier ways to commit suicide lads.