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"Euro in Lithuania is good news for the Baltic States – it will once again prove accomplishments of the Baltic States in securing financial stability and economic growth. It also demonstrates the attractiveness of this region for investments," said Latvian MEP Valdis Dombrovskis, commenting the news about EP’s decision to let Lithuania join the euro zone.
Valdis Dombrovskis
© AFP/Scanpix

He says Lithuania’s entry into the monetary union will bring down the last barrier that still separates the Baltic States – the currency. This step will undoubtedly contribute to trade in the region.

"It is especially beneficial for Latvia because Lithuania is our country’s largest trade partner. Euro introduction in Lithuania is a positive sign for entire Europe. Contrary to recently voiced concerns over problems in the euro zone and its possible collapse, we see exactly the opposite – the euro zone continues to expand and become stronger," says Dombrovskis.

The MEP notes Latvia’s joining the euro only benefited the country’s economic growth and strengthened its financial stability. The euro has also made Latvia more attractive for foreign investments.

"Lithuania can expect similar positive impact on economic growth and financial stability after joining the euro zone. In preparations for the euro, Lithuania will also learn of Latvia’s experience in this process – ministries and other institutions are busy exchanging information," notes Dombrovskis.