Proposal for a Council Regulation amending Regulation (EC) No 2866/98 as regards the conversion rate to the euro for Lithuania

On 4 June 2014, the Commission adopted 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), proposing 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 adopt the conversion rate between the euro and the Lithuanian litas which will take effect from 1 January 2015.

Council Regulation (EC) No 2866/98 on the conversion rates between the euro and the currencies of the Member States adopting the euro sets the irrevocable conversion rates for the 18 Member States currently participating in the euro (Belgium, Germany, Estonia, Greece, Spain, France, Ireland, Italy, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland). In order to extend the scope of this Regulation to the Lithuanian litas, a reference to this currency needs to be added to this Regulation. This is the object of this proposal.

EUR-Lex: COM(2014)447: Follow the progress of this proposal through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2014:447:FIN

ESO: Background information: Lithuania and the euro http://www.europeansources.info/record/lithuania-and-the-euro/

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