The Euroization of Lithuania and Poland : A Comparison

Usually the Euroization is connected with necessity of passing through by not easy to fulfill and to maintain the Maastricht Treaty criteria and to accept a priori definite course of resigning from national currency for euro currency. After the fulfillment of required adjustment periods of euro adoption, the European law forces the total departure from national currency. This process is subjected to solid supervision and control of EU organs. Additionally the Maastricht Treaty obliges to introduce the euro, when the country is in good economic condition, confirmed by the fulfillment of nominal convergence criteria. In such situation the common currency adoption must (or should be) be always interpreted as the proof of stable economic development and abilities of keeping such parameters in the future. However in case of euroization accomplished with omission ( or even with infringing) the Treaty there is no necessity of complement of any european law duties, and especially there is no obligation for total resignation from own currency. Such kind of euro adoption means not full, but partial euroization, which can appear in very difficult situation in country`s economy or when currency independence is not safe and profitable. Resignation form own currency to euro is like a act of desperation or at least it is forced by the lack of own abilities to manage with economic problems. The purpose of this publication is to show the euroization as state (partly also as the process) particularly on example of Lithuania and Poland. Obviously it does not seem new, but many changes in world economy (with special regard to the crisis hurting the European Union) and lower enthusiasm for joining the Euroland (euro zone), show the need to consider such a problem