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Latvia, Lithuania banks distance themselves from euro

  • 2011-06-09
  • TBT Staff

Estonia became the first Baltic state to adopt the euro at the beginning of this year.

VILNIUS -- The central bank chiefs from Latvia and Lithuania have distanced themselves from the euro, both saying this week that the plan to adopt the euro may not be worth the economic pain the countries are going through.

Latvian central bank chief Ilmars Rimsevics said in an interview with Latvian-language daily Diena that the country wold not be willing to adopt the euro "at any price".

“First of all in Latvia we have to create the necessary conditions for growth. And if we are a state that meets the criteria to introduce the euro, we can take a pause and think, ‘Is it needed?’”

Newly introduced Lithuanian central bank chief echoed the sentiments in a news conference the following day, saying that the introduction of the euro was "not a must-have-or-die thing."

"Based on our current forecasts, 2014 does not seem to be the year when we could think about the euro," he said.

As of January 1 of this year, Estonia became the first Baltic state and the 17th member of the EU to adopt the common currency.

The comments come as the euro is placed under ever-increasing strain by the economic woes of numerous eurozone members.