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WorldJanuary 5 2015

Lithuania prepares for life in the eurozone

From dealing with the knock-on effects of the US and EU sanctions on Russia to preparing for the adoption of the euro, Lithuania's finance minister Rimantas Šadžius has been kept busy this year. But, despite the headwinds, Lithuania has managed to record one of the highest GDP growth rates in Europe.
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Lithuania prepares for life in the eurozone

Q. Lithuania is introducing the euro from January 1, 2015. How have you prepared for this?

A. Almost immediately after the introduction of the litas in 1993, we pegged it to the dollar. For such a small country, it is too luxurious to have our own monetary policy. We are an open economy, we are exporting and importing a lot, so we are dependent on the [economic health] of our counterparts, and one of our main partners in trade exchange is the eurozone.

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