1. A LOOK AT LITHUANIA 3
1.1. Post-Soviet period and reforms 3
1.2. The accession into the EU 4
2. THE PATH TOWARDS THE EURO 5
2.1. After joining EU 5
2.2. Why Euro? Benefits and drawbacks of the common currency 5
2.3. Economic convergence criteria 7
3. RESISTANCE OF SOCIETY 9
3.1. People against euro - statistics 9
3.2. No exact date 9
3.3. Successful Slovenia vs. loser Lithuania 10
3.4. Lack of information 11
3.5. Price jump and society concern 11
3.6. Are benefits real benefits? 13
CONCLUSION 14
LITERATURE AND INTERNET SOURCES 15
TABLES, GRAPHS, CHARTS 16
INTRODUCTION
Lithuania is one of the Baltic States, located in Northern Europe, on the shores of the Baltic Sea. It is one of the republics of the former Soviet Union and has, since its collapse, after a few years of high inflation and economic sink, experienced considerable economic growth. This has made many refer to Lithuania, along with Estonia and Latvia, as the Baltic Tiger.
1. A LOOK AT LITHUANIA
1.1. Post-Soviet period and reforms
In the post-Soviet period, even though Lithuania’s productivity levels and living standards were above the average of the republics of the Soviet Union (the World Bank estimates that the income per capita was USD 2700 for Lithuania in 1993 as opposed to the USD 2600 average income of the Soviet Union), the country was left with extremely negative GDP growth rates and high inflation rates as can be seen in Tables 1 and 2.
In 1992, Lithuania had an inflation rate of nearly a thousand percent and managed to bring it down to single digit numbers in time for the accession into the European Union. How did this happen? During the early 1990s, the Lithuanian government launched a program of market-oriented reforms, which included the privatization of state-owned enterprises, the reform of the banking sector, the land reform the land reform and the lifting of price controls.
The...

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