Proposal for a Council Regulation amending Regulation (EC) No 974/98 as regards the introduction of the euro in Lithuania

On 4 June 2014, the Commission released a proposal for a Council Decision in accordance with Article 140(2) of the Treaty on the Functioning of the European Union (hereinafter the Treaty), indicating that Lithuania fulfils the necessary conditions for the adoption of the euro and that the derogation of Lithuania is abrogated with effect from 1 January 2015. In case of a positive decision, the Council will subsequently have to take the other measures necessary for the introduction of the euro in Lithuania.

Council Regulation (EC) No 974/98 on the introduction of the euro governs the initial introduction of the euro in the first wave euro-area Member States and Greece. In order for Lithuania to also be covered by Regulation (EC) No 974/98, a reference to this Member State needs to be added to this Regulation. The present proposal contains the necessary amendments to this Regulation.

Lithuania's National Euro Changeover Plan specifies that the so-called “big bang” scenario should be applicable, i.e. that the adoption of the euro as the currency of Lithuania and the introduction of euro banknotes and coins in this Member State should coincide.

See also:
- Proposal for a Council Decision on the adoption by Lithuania of the euro on 1 January 2015

• Primary Source

EUR-Lex: COM(2014)325: Follow the progress of this proposal through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2014:325:FIN

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