Lithuanian parlt taking to fiscal discipline act that would help replace Litas with Euro

September 20, 2007 at 3:13 pm Leave a comment

GrowthAs the BNS reported the parliament is planning to decide whether rules for fiscal discipline should be fixed.   The rules, similar to that of Sweden and other countries, should help the country initiate accession to the Euro zone in 2010, even the financial specialists are stating that 2012 is more realistic.

According to the government, the law on fiscal discipline is necessary to maintain lasting sustainability of finance in the governmental sector and stable economical development, and to oblige the authorities to observe them. On September 20 the parliament went on to submit the bill.

As the BNS reported the Finance Minister Rimantas Šadžus stated that “The law will encourage repaying debts when we are doing good, our economy prospers and develops fast, and borrowing only when extra jobs must be created with national funds”. In his words, Lithuania is so far free from any financial crisis, and the law would allow avoiding one.

It needs to be added that the law is proposed when the minority government has lost a support of the conservatives that will make its life more difficult.  The is also a factor of forthcoming elections in autumn of 2008.

Nevertheless this is a very welcoming proposal.

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Entry filed under: Baltic States, Economics, EU, Lithuania, Northern Europe, Politics.

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