The European Commission has approved Lithuania to start using the euro as its currency beginning on January 1, 2015.
EU Economy Commissioner Olli Rehn announced the move on June 4 and said, "Lithuania's readiness to adopt the euro reflects its long-standing support for prudent fiscal policies and economic reforms."
Lithuania will become the 19th state to use the euro.
Lithuanian Prime Minister Algirdas Butkevicius said his country's adoption of the euro would lead to "deeper economic, financial, and political national security."
Lithuania would be the last Baltic nation to adopt the euro.
Nine other EU member states still use their own national currencies.
Based on reporting by AFP and dpa