Graham Watson: A disappointing decision for Lithuania's efforts to join eurozone

6.33.07pm BST (GMT +0100) Tue 16th May 2006

Today, the European Commission published its convergence reports on Slovenia and Lithuania regarding their accession to the Euro zone. According to the European Commission, as well as the European Central Bank, only Slovenia has fulfilled the Maastricht criteria. A negative recommendation has been issued to Lithuania.

The main objection to Lithuania's accession to the Eurozone is that it's inflation exceeds the reference value by more than the proscribed 1,5%, although it fulfils the remaining convergence criteria. Lithuania is at present a whisker above this margin. Paradoxically it would be well within the margin if the comparison were restricted to eurozone members only rather than all 25 EU Member States.

Graham Watson, Leader of Alliance of Liberals and Democrats in the European Parliament, reacting to this decision, said: "By depriving Lithuania now, the Commission will ultimately delay Lithuania's recovery and return to stability after a period of extraordinary growth. This decision also sends a political message to a country that is trying hard to be a good European".