Lithuania becomes 19th Eurozone member

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Lithuania becomes 19th Eurozone member

Lithuania becomes 19th Eurozone member

(Vilnius) – The euro entered circulation in Lithuania bringing the number of the European Union (EU) member states using the single European currency to 19, the European Central Bank (ECB) announced.
“On behalf of the Governing Council of the European Central Bank, I welcome this further enlargement of the euro area. Lithuania has taken exceptional measures in difficult times to reach its goal of joining the single currency,” Mario Draghi, President of ECB, said in a press release.
Lietuvos bankas, the national central bank of Lithuania, becomes a member of the Eurosystem, the central banking system of the euro area, which comprises the ECB and 19 national central banks. Lithuania also joins the Single Supervisory Mechanism, which brings bigger banks under ECB supervision. Three Lithuanian banks (SEB bankas, Swedbank and DNB bankas) fall under the direct supervision of the ECB. They have already undergone the comprehensive assessment, a financial check of 130 banks in the euro area.
The first Soviet republic to declare independence, in 1990, Lithuania is the last of the three Baltic states to join the currency union.
(Courtesy WAM)