Lithuanian finance minister says no reason to panic over euro

Rimantas Šadžius
DELFI / Mindaugas Ažušilis

“As always, panic forecasts have not materialized and it’s the best piece of news for us and also a lesson that panic should not be incited, then we’ll remain calm. And, in fact, those economic processes ongoing in Lithuania, economic growth – it’s healthy and that strong panic may only pose us certain challenges. However, there are absolutely no reasons for those apocalyptic moods, which we see from time to time,” Rimantas Šadžius said in an interview to the Žinių Radijas radio on Wednesday morning.

Euro-sceptics claimed that the euro area was unstable and therefore Lithuania did not need to adopt the single currency. They said that the euro’s weakening against the US dollar as well as uncertainty about Greek actions in handling sovereign debt might affect the entire euro area, including Lithuania.

They also warned that Lithuanian households might cut down on consumption expenditure in the first months after the adoption of the new currency as they would still not be used to prices marked in euros.

Lithuania adopted the euro on 1 January.

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