| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2015) 222 final (27.5.15) |
| Publication Date | 27/05/2015 |
| Content Type | Policy-making, Report |
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The Council decided on 23 July 2014 that Lithuania fulfilled the necessary conditions for the adoption of the euro and that its derogation from participating in the single currency was to be abrogated with effect from 1 January 2015. Lithuania followed the practice of all Member States that have adopted the euro after the first changeover wave (1999–2002) and used the so-called "big-bang" changeover scenario, i.e. euro banknotes and coins acquired legal tender status on the day of euro adoption. A two-week dual circulation period, during which both euro and Lithuanian litas banknotes and coins circulated in parallel, allowed for the gradual withdrawal of litas cash. This successful changeover demonstrates again that a short dual circulation period is sufficient if the changeover is well prepared. A large majority of Lithuanians (86%) perceived the changeover as smooth and efficient. Following the two reports of the Commission on the practical preparations of the euro changeover in Lithuania, this report covers the most important aspects of the changeover process from an ex post perspective focusing on the preparations for the cash changeover, the dual circulation period, measures taken to prevent abusive price practices and erroneous price perceptions, price trends and perceptions, and communication on the euro. Where relevant, the report also sets out the Commission's recommendations on further possible action to be taken by Lithuanian authorities and draws conclusions which may be of value for future changeovers. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2015:222:FIN |
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| Countries / Regions | Lithuania |
