Eurogroup, 19/06/2014, 19 June 2014

Lithuania set to adopt the euro in 2015 

Eurogroup confirms Lithuania meets euro area accession criteria to join the single currency in January 2015. 

The Eurogroup concluded that Lithuania fulfils the criteria to join the euro area in the light of analysis by the Commission and European Central Bank. Eurogroup President J.Dijsselbloem described this as "a well-deserved achievement for Lithuania" that will follow "a remarkable recovery from the financial crisis". The Eurogroup agreed a draft recommendation for Lithuania to adopt the euro on 1 January 2015.

Exceptionally attending the Eurogroup, the Lithuanian Finance Minister, Mr Rimantas Šadžius, stressed Lithuania's commitment to policies designed to maintain the economy in convergence with the rest of the euro area. Lithuania will attend Eurogroup meetings from September onwards as an observer, once its accession has been endorsed by the Council. It will join as a full member in January once the changeover to the euro has been completed.  

Eurogroup prioritises the coordination of structural reforms

The Eurogroup considered how to increase growth in the euro area in the light of the IMF and Commission recommendations to the euro area.

Ministers agreed the focus had to be on making economies more competitive and creating jobs. For this to be achieved, more work is required to coordinate structural reforms in the euro area to maximise their impact. The Eurogroup will begin by focusing on measures aimed at reducing the tax wedge on labour before turning to the reform of the service market. These priorities were included in the Eurogroup's Work Programme for the second half of 2014.

The IMF's recommendation for a review of the current fiscal surveillance framework to see whether it could be simplified was also discussed. "All ministers stressed the importance of sticking to the rules as they are now," said the Eurogroup President.

• Photos and videos of the Eurogroup meeting, 19 June 2014