President of the Republic of Lithuania

Effective measures needed to boost economy

2015-03-20

Friday, March, Brussels – EU leaders meeting in the capital of Belgium discussed the economic situation in the European Union. The European Commission presented country-specific assessments of progress in implementing national reforms and other critical measures to boost economic growth and welfare of people. The meeting also reviewed the state of play in the negotiations with the U.S. on the Transatlantic Trade and Investment Partnership.

“While the EU economy is slowly recovering, effective measures are needed to boost growth at both EU and national level. We should take note of the conclusions of the European Commission and take all the necessary measures to ensure the welfare of Lithuanian people,” the President said.

In its report, the Commission positively assessed Lithuania’s progress in diversifying energy supplies: Lithuania was the first country in the region to construct a liquefied natural gas terminal, is building power interconnections with Sweden and Poland, has transposed the provisions of the European Fiscal Compact into its national legislation, pursues responsible financial and budgetary policies, and is restructuring state-owned enterprises.

However, the report also specified areas where Lithuania needs to improve. There are concerns over social exclusion and insufficient implementation of the pension reform. The Commission calls attention to the need of more effective measures to reduce unemployment and indicates that the tax system should focus more on promoting growth. It is also noted that Lithuania scores quite low in the European Union in terms of energy efficiency.

According to the President, the European Commission’s remarks are a direct obligation to the Lithuanian government to tackle social exclusion, poverty and unemployment issues.

The meeting also discussed negotiations with the U.S. for a free trade agreement. EU leaders tasked the Commission with completing the negotiations by the end of this year. The President noted that this agreement, one of the world’s largest economic deals, would promote transatlantic trade ties and new investments, bringing benefits for European business and people.

Press Service of the President

Last updated 2015.03.20 12:08

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