1922 Republic of Central Lithuania general election March 1922 and two days later the Republic of Central Lithuania ceased to exist. All of its territory was incorporated into the newly formed Wilno Voivodeship. The border changes were accepted by the Conference of Ambassadors of the Entente and the League of Nations. Lithuania declined to accept the Polish authority over the area and continued to treat the region as part of its own territory and Vilnius as its legitimate capital, with Kaunas designated only as a temporary seat of government. The Polish–Lithuanian diplomatic relations were not restored until the Polish ultimatum to Lithuania in 1938. 1922 Republic of
Economy of Lithuania degrees of business, fiscal, and financial freedom. Lithuania is a member of the EU and the WTO, so regulation is relatively transparent and efficient, with foreign and domestic capital subject to the same rules. The financial sector is advanced, regionally integrated, and subject to few intrusive regulations. One of Lithuania's most important reforms was the privatization of state-owned assets. The first stage of privatization was being implemented between 1991 and 1995. Citizens were given investment vouchers worth €3.1 billion in nominal value, which let them participate in assets selling. By October 1995, they were used as follows: 65% for acquisition