Brussels, 03/01/2012 (Agence Europe) - In an interview in Veidas on Monday 2 January, the president of Lithuania, Dalia Grybauskaite, said that it was unrealistic to imagine Lithuania being able to join the euro in 2014 because the problems facing Europe today have built up over the past decade and therefore it will take two or three years to sort everything out. Refusing to comment on the eurozone's ability to fix its own problems, the former EU budget commissioner recommended responsible budget discipline across the board in all countries. .
Lithuania was initially hoping to join the euro in 2007, but had to change plans due to a higher level of inflation in the country than allowed under the convergence rules. After an overheated economy in 2008, Lithuania introduced draconian austerity measures to put public finance in order but due to the eurozone debt crisis, it looks like 2016 or 2017 are more realistic timings for the country to join the single currency. (MB/transl.fl)