Lithuania and the eurozone crisis (en translation)

ORCID: Gediminas Kazėnas:

Pages: 63-78

Edition: Lublin 2012

DOI: --

Abstract: The aim of this paper is to discuss the impact of the eurozone crisis on the Lithuanian economy and on Lithuania’s bid to adopt the euro. Similarly to other Baltic states, Lithuania was affected not only by the crisis in the euro area, but also by the global financial crisis of 2007-2008. In order to preserve the public finance stability, austerity measures were introduced and Lithuania did not have to resort to the IMF’s assistance. Today, Lithuania’s economy is on a path to recovery. In this context the question of the Lithuanian dilemma towards the introduction of the euro is discussed. Due to the eurozone crisis as well as due to the necessity for the eurozone member-states to contribute to financial assistance schemes for the European South, there is no particular political will to introduce the euro at the moment. Nevertheless, the euro remains the best warranty of financial and economic stability in Lithuania.