ECB President praises Baltics as Lithuania edges closer to joining euro

The Baltic States have confirmed that financial difficulties can be overcome by political resolve, President of the European Central Bank (ECB) Mario Draghi has said during a visit to Lithuania today.

Lithuania will become the 19th member to join the euro currency on January 1, 2015.

Speaking at an international conference on Lithuania joining the euro, Draghi said: "The adoption of the euro will be mutually beneficial. Lithuania will benefit from the single currency, economic input of the Baltic states is rather significant, comprising approximately 2 percent of the European Union's GDP. Being a member of the euro group Lithuania should become more secure."

Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania praised Lithuania's current currency the lita's and said the country was ready to join the euro.

"We are counting the days - now less than a hundred remain - and the last tasks that separate us from the moment when our country will enter the euro area.

"I have no doubts that our country will be a responsible and active member of this family; with our experience, stubbornness and abilities we will help create a successful future for this old continent and each and every one of us,"

(from l to r) ECB President Mario Draghi and Chairman of the Bank of Lithuania Vitas Vasiliauskas (photo: AFP)