European Commission says Slovenia will be new user of euro

European Commission says Slovenia will be new user of euro
European Commission says Slovenia will be new user of euro

Lithuania's high inflation scuppered its bid to adopt the euro, EU Economic and Monetary Affairs Commissioner Joaquin Almunia said in a statement.

The Commission said the average inflation rate in Lithuania during the 12 months to March 2006 was 2.7 percent, just above the reference value of 2.6 percent.

Reinoldijus Sarkinas, chairman of Lithuania's central bank, said the nation had done everything it could to join the euro zone in 2007, "but Brussels' decision was motivated by both economic and political reasons."

Slovenia, however, is on track become the first new member to join the 12-nation common currency if EU finance ministers approve its bid - as is likely - on July 11.