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European Parliament supports Lithuania’s intention to join Eurozone from 2015

July 16, 2014, 17:32 UTC+3

The final decision should be taken at the European Council meeting on July 23

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STRASBOURG, July 16. /ITAR-TASS/. The European Parliament confirmed Lithuania’s intention to enter the Eurozone on 1 January 2015. An appropriate recommendation was approved by a majority vote at the plenary session.

"This is good news for Lithuania, the Baltic States and for the stability of Europe. Since 2006 there has been intensive work, which led to low inflation, a stable exchange rate, a low budget deficit and an acceptable debt to GDP ratio. Welcome to the Eurozone Lithuania," the EP rapporteur Werner Langen said.

Parliamentarians considered as positive the Lithuanian economy indicators such as the average inflation rate of 0.6% in the last 12 months (control value - 1.7%), the overall deficit by the end of 2013 at 2.1% of GDP (3%) and the gross debt service ratio to 39.4% of GDP (60%).

The green light earlier had been given to Vilnius by European Central Bank, European Commission and eurozone finance ministers. The final decision on Lithuania's accession to the eurozone should be taken at the European Council meeting on July 23. Afterwards, Lithuania will become the 19th member of the eurozone on January 1 next year.

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