This paper reviews arguments in academic literature for and against Lithuania's pursuit of EMU accession. The results indicate Lithuania stands to gain in trade with ROW and with the EMU on completion of change-over to the Euro. Moreover, trade specialization and the potential of under-trading, promise further gains from Euro accession. Economies of scale ensure that gains from trade and currency management cost reductions will be large relative to GDP. However, corruption could impose ambiguity on Euro accession trade gains.