Bloomberg News

IMF Says Lithuania May Not Meet Euro Adoption Criteria Next Year

October 11, 2011

Oct. 11 (Bloomberg) -- James Morsink, the head of the International Monetary Fund’s mission to Lithuania, said “it’s possible but not my central scenario” that the Baltic country can meet the euro adoption criteria next year to qualify for a currency-switch in 2014.

Lithuania needs to cut its budget deficit and slow inflation to qualify for the euro, Morsink said today at the British Chamber of Commerce in Vilnius, Lithuania. The country’s real exchange rate, which was overvalued before the economic crisis in 2008, is now “in line with fundamentals,” he said.

--Editors: Leon Mangasarian, Jeffrey Donovan.

To contact the reporter on this story: Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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