Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, is attending a meeting of the Governing Council of the European Central Bank (ECB) in Frankfurt, says the Bank of Lithuania in a statement.
© Reuters/Scanpix

This is the first time when a representative of Lithuania participates in the Council adopting key decisions of the ECB, which sets interest rates, formulates euro area monetary policy, and envisages operational guidelines ensuring the implementation of tasks assigned to the Eurosystem.

"Together with the invitation to join the euro area, Lithuania is granted a voice in the ECB's highest governance structure, which formulates monetary policy directions and adopts interest rate decisions affecting the borrowing costs of a state, businesses and the public," says Vasiliauskas, Chairman of the Board of Bank of Lithuania. According to him, those several months until 1 January 2015, when the country will be granted the voting right, will be used as a transitional period to prepare for the full-fledged membership.

Having been invited to join the euro area, our country will also have its representatives in the committees of the European System of Central Banks that meet in the composition of the euro area member states and propose ECB decisions; will participate in the Supervisory Board of the ECB which will supervise the largest euro area banks. Representatives of the Bank of Lithuania will also work in these structures until the end of the year as observers, and from 1 January 2015, when Lithuania becomes the 19th member state of the euro area, will also gain the right of decision.

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