The ECB’s assessment of the criteria is along the same lines, but the Bank adds that it will be challenging to keep the inflation rate in Lithuania low in the medium term, since its current level is mainly influenced by temporary factors such as the reduction in global commodity prices, including the effects of this on energy prices. In 2006, an inflation rate slightly above the reference value was the reason that Lithuania was not able to join the euro area then, further to a special convergence report drafted by the EC at the request of the Lithuanian authorities. In the framework of the European Semester, the 2014 country specific recommendation for Lithuania includes a point on further promoting competition and diversification of energy sources through improved integration of the Baltic energy markets. Projects in the context of a broad National Energy Independence Strategy aim to tackle this and to reduce reliance on energy imports from Russia. Another point of the recommendation concerns reinforcing budgetary measures to address risks of deviation from Stability and Growth Pact requirements.
Lithuania: a few macroeconomic indicators
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