Lithuania to adopt Euro on January 1, 2015

Baku: Lithuania will join the Euro zone on January 1, 2015 and will be the 19th member of the eurozone, said Sabah newspaper, APA reports.

Economic criteria have been also taken into account for membership along with political decisions. Thus, a eurozone member state’s budget deficit should not exceed 3% and national debt should not exceed 60% of GDP.

Accoprding to as the Statistical Office of the European Union (Eurostat), in 2013, Lithuania’s budget deficit was 2.6%, national debt was 30% of GDP and inflation was 1.2%. National income per capita in the country with the population of 2.9 million people is 11.700 Euro.

The Eurozone established in 1999, consisted of Germany, France, Italy, Spain, the Netherlands, Belgium, Portugal, Austria, Finland, Ireland and Luxembourg. Greece joined it in 2001, Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011 and Latvia in January 2014. Following Lithuania, Poland and the Czech Republic are expected to join the eurozone.