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21 May 2024
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PM KUBILIUS: Lithuania will sign the new Euro Pact even if “it highlights a problem in the way the EU is run”


There is a "lack of institutional stability and reliability in the EU,” claims Lithuanian Prime Minister Andrius Kubilius.

Lithuania said Wednesday it would sign up to a planned pact on coordinating economic policy among nations that use the euro, despite disquiet about how it was created.
"We are not against joining the pact, although the contents are nothing especially new," Prime Minister Andrius Kubilius told reporters.
The eurozone's 17 members reached a preliminary agreement earlier this month on a so-called "Euro Pact" to coordinate economic policy, which was to be endorsed by all 27 European Union members at a March 24-25 summit.
In return for strengthening debt rescue funds, the pact -- drawn up under pressure from Germany and France -- foresees greater budgetary discipline and economic policy convergence in order to ensure that countries rein in national debt.
"All those instruments -- pension system sustainability and all the other things -- had been mentioned earlier in the European Commission's proposals," Kubilius said, referring to the EU's executive body.
"Therefore, we don't see any substantial added value," he said.
Kubilius also questioned the way the pact had been drawn up, saying it highlighted a problem in the way the EU was run.
He pointed to a "lack of institutional stability and reliability in the EU.
"We believe the appearance of new pacts or initiatives that bring new institutional aspects is not what the EU needs today. In fact, the EU needs consolidation and a certain institutional clarity that would help markets believe in the euro's stability and reliability," he said.

Foreign Minister Audronius Azubalis also expressed disquiet.
"We agreed on the 'Euro Pact' and believe that it matches Lithuania's long-term strategy to become a euro member," Azubalis said.
"But I would call the way it was proposed to non-euro members arrogant, as it was 'take it or leave it'," he added, picking up on earlier criticism of France and Germany for they way they pushed the pact through.


“I would call the way it was proposed to non-euro members arrogant,” says Lithuania’s Foreign Minister Audronius Azubalis.

Category : News



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