Oireachtas Joint and Select Committees

Tuesday, 11 March 2014

Joint Oireachtas Committee on European Union Affairs

Introduction of euro to Lithuania: Lithuanian Ambassador

2:50 pm

Photo of Seán KyneSeán Kyne (Galway West, Fine Gael) | Oireachtas source

I welcome the ambassador and wish Lithuania every success in its campaign to become a member of the eurozone. Hopefully, that will be the case next year by the time of the 25th anniversary of independence.

The ambassador mentioned the liquidity of the banks. Has that been independently scrutinised by the European Central Bank? Lithuania's high levels of growth are to be commended. What particular areas has that growth been based on? We went through a period of unnatural or unsustainable growth in this country, so I am just wondering if this is sustainable. The ambassador also mentioned plans on energy, which seem to be about moving away from a dependence on Russian gas.

Does the country still depend on Russian imports? The ambassador has mentioned links with Sweden and Poland.

In 2008 and 2009 Lithuania had very high inflation and interest rates, which have been successfully managed. What initiatives were put in place to manage the economy?

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