Although Lithuania was hoping to join the twelve members of the euro zone beginning January 1, it has narrowly missed qualifying for membership because of its high inflation.

Not to be deterred, the country is expected to soon announce a new target date. Its economy has enjoyed strong growth in recent years, expanding 7.5 percent last year and forecasted to expand 6.5 percent this year.

In the meantime, Slovenia has been accepted into the euro zone and will formally join at the start of 2007.