European Issues
After Lithuania joined the European Union (EU) on 1 May 2004, the Bank of Lithuania became a part of the European System of Central Banks (ESCB) and participates in preparing and taking European Central Bank (ECB) decisions when implementing objectives related to the ESCB.
Chairman of the Board of the Bank of Lithuania, together with other governors of the EU national central banks, participates in the activities of the ECB General Council – one of the three decision-making bodies of the ECB. Representatives of the Bank of Lithuania take part in the work of ESCB committees, Human Resources Conference and working and task groups established by them.
The Bank of Lithuania is engaged in the work of other EU institutions as well in developing and taking decisions in areas related to the functions of the national central bank. The Bank of Lithuania representatives take part in the activities of the EU Council and European Commission committees, working and task groups. The main forums are informal sessions of the EU Economic and Financial Affairs Council and Economic and Financial Committee.
The Treaty on the Functioning of the European Union incorporates a provision that all EU member states must coordinate their economic policy, as well as their exchange rate policy, implement an appropriate fiscal policy and join the euro area after implementing single currency adoption conditions set in the Treaty. After implementing requirements established in the Treaty, Lithuania envisages to adopt the euro in the future.
