Acknowledgements

Any opinions, findings, conclusions or recommendations expressed in this chapter are those of the authors and do not necessarily reflect the views of the Bank of Lithuania or the Eurosystem. We would like to thank Fabio Canova, Jesus Crespo Cuaresma and the participants of ‘Euro4Europe’ workshops for comments and suggestions. We thank Sara Tropper for proofreading. This project has received funding from the European Social Fund (project No. 09.3.3-LMT-K-712-01-123) under a grant agreement with the Research Council of Lithuania (LMTLT).