President of the Republic of Lithuania

Effective measures needed for enhancing the Eurozone

2017-12-15

Friday, December 15, Brussels – President Dalia Grybauskaitė attends the European Council meeting where discussions on enhancing EU‘s resilience to possible financial shocks are held and proposals on the Eurozone’s reforms, tabled by the European Commission, are discussed.

According to the President, lessons have to be drawn from the previous financial crisis. The economies of Lithuania and that of the entire EU enjoy stable growth; therefore, it is the right time to prepare to deal with possible hardships in the future.

The establishment of the European Monetary Fund, new position of a European Minister of Economy and Finance and establishment of new financial instruments are among the European Commission’s proposals for the Eurozone’s future. According to Dalia Grybauskaitė, additional measures to facilitate a more rapid response to economic challenges may be useful, but so far, the proposals are only in the form of ideas, which require a more thorough analysis and a more specific content.

The President also stated that a more efficient development of the Eurozone should not necessitate the amendment of EU treaties.

Dalia Grybauskaitė underscored that, at this stage, it was very important to make full use of the existing instruments for ensuring economic stability. New positions and institutional changes will not solve the problems, if the member states fail to observe financial discipline and implement structural reforms.

The European Commission keeps pointing out Lithuania’s high income inequality, inefficient social and health care, limited achievements in promoting innovations, and drawbacks in education system. This is a direct mandate to the Government not to delay the needed reforms in education, labor market, health and social care.

Press Service of the President

Last updated 2017.12.15 12:51

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