Mario Draghi Speaks at the Euro Conference in Lithuania

As Lithuania sets to become the 19th member of the Eurozone to adopt the Euro currency, Mario Draghi is in Lithuania to address the press. Here is the summary of Mr.Draghi’s speech:

The euro area benefits from Lithuania’s accession in at least two ways: first, Lithuania has shown that adjustment is not only necessary, but also possible – even without currency devaluation; second, Lithuania’s decision to join the euro area demonstrates that our common currency is attractive.

Lithuania itself will – amongst others – benefit from having a say in the monetary policy-making of the world’s second largest economy. Initial scepticism among some Lithuanians regarding the introduction of the euro is already transforming into increasing support now that people become more informed about their new currency and the changeover modalities. Joining the euro area does not only follow from economic considerations: it is a binding commitment to European values. (Source: ECB) 

The President of the ECB also stated that he is prepared to do more to help the euro zone should it be necessary. This in turn pushed EURUSD to approach two year lows at 1.2695 while EURGBP touched at 0.7789.