Brussels, 02/10/2006 (Agence Europe) - Knocked back because an inflation level slightly higher that the reference value required by the Maastricht criteria, Vilnius has seen inflation rise since its candidacy for entry to the euro zone was rejected. “The reference value is now 2.8% and the average level of inflation in Lithuania is 3.4%,” Joaquin Almunia said in the Lithuanian capital on Monday. At a conference entitled “The euro and Lithuania”, the Economic and Monetary Affairs Commissioner stressed that it was important to have a good, credible medium-term strategy for keeping inflation under control in a sustainable manner. Pointing out that electing to join the common currency was a choice for the Lithuanian authorities, Mr Almunia did not want to speculate on the most realistic target date. At this point, the Lithuanian government thought it could meet the conditions for entry to the euro zone after 2010, but a more precise aim should be published later in the year (see EUROPE 9261). Wage increases more in line with the development of productivity, a more pronounced counter cyclical budgetary policy, external debt and the rapid increase in credit were also among the points to watch carefully, said Mr Almunia.