"We can expect a positive assessment of this area in Lithuania's preparations for European Union accession talks," Finance Minister Algirdas Semeta announced upon return from Brussels Oct. 2.
In Brussels Semeta met with Giovanni Ravasio, director general of the second EC General Directorate, and EC member Yves Traibault de Silguy, responsible for finances and economy, Oct.1.
Semeta discussed with the EC officials the progress in the Lithuanian financial sector and the impact of the Russian crisis on Lithuania. Both EC officials admitted that Lithuania has achieved macroeconomic stability and made essential progress in this area.
"The EC officials agree with the Lithuanian administration's view that the Russian crisis does not have a major impact on Lithuania's macroeconomic stability and financial sector. They welcome our steps in regulating import and export issues," Semeta said.
The EC officials, however, acknowledged that on a microeconomic level the Russian crisis is exerting an effect both on Lithuania and on those EU countries in whose export structure Russia has a larger share.
"We can exchange information in this regard and take measures to regulate the flow of export," Semeta said.
The preparation of a non-deficit budget for 1999 was pointed out as an important step in regulating the Lithuanian financial system.