Last week, the European Commission published its final report regarding the preparation for the euro changeover being made by Malta and Cyprus. The report, Sixth Report on the practical preparations for the future enlargement of the euro area, gives a clear picture of the final phase before e-day.
This report follows the council’s go-ahead for both the Mediterranean island states to join the eurozone on 1 January. The study looks in particular at the introduction of the euro cash into the economy, the state of the private sector’s preparations, as well as the public opinion on the euro. It is very important for all three sectors to have a smooth changeover.
Once again, the outcome proves that Malta is well prepared, and that the strategy adopted for the euro changeover is a success. European Commissioner Joaquim Almunia himself, praised the good work: “Malta’s work in preparation for the euro changeover has been exemplary. You were even more ahead of Cyprus, at least up to a year ago.”
The effective FAIR scheme, the price stability agreement with various companies, the information campaign that seeks to include all levels of society, the information kiosks and the whole information campaign, are providing the necessary information for a smooth changeover.
This changeover is inclusive so that all sectors of society may benefit from this important step. Information tools such as interactive websites, information material, TV spots and the BOV euro converter are all providing the information needed. This results in a campaign that is effective and inclusive in its outreach for the benefit of everyone. This is clearly reflected in the report, when 74 per cent of the population felt that it was being informed about the euro, the highest rate amongst non-euro zone countries.
“The FAIR initiative was very successful with almost 80 per cent of retailers committing themselves not to increase their prices,” said Commissioner Almunia in an interview published in a local newspaper. He continued: “However, abuses do happen, and the Maltese authorities need to keep an open eye especially with regard to small, but daily things, such as coffees in bars or the price of snacks.”
In this regard, the NECC together with strategic partners such as UHM, are carrying out a campaign to monitor the prices. Since November 2006, euro assistants made more then 38,000 visits to importers and retail outlets, to ensure that no tampering with prices was going on.
Associating ourselves with a macro-economy such as the eurozone we are assuring further economic security and competitiveness in the international market, as well as attracting foreign investors to our shores. The investment will solidify our economy, generate quality jobs and promote our country among other investors.
Prime Minister Lawrence Gonzi delivers results. We reached our objective to assure a stable and credible economic situation for us to benefit from its fruits. Joining such a solid economic and financial bloc is no joke. With the flow of investment on the rise, this event comes at an ideal time to assure further success in the global market. This is confirmed in the study with 72 per cent of the population believing that the euro will continue to strengthen our position on the international scene.
Alfred Sant when in government raised the water and electricity bills when the oil price was still low – $12 per barrel, causing an economic crisis that led the country to the polls and the loss of his government after 22 months.
Proposals to build our economy on the repair of boots and salt production show that the outdated economic mentality still reigns in the MLP. It is quite a contrast to our Prime Minister Lawrence Gonzi’s vision of making Malta a centre for ICT and financial services.
The MLP is still trying to attract voters by pledging the unrealistic. Promises that would, once again, lead our country’s economy to collapse. All the political parties have the responsibility to inform their citizens about the consequences of such promises. Details must be given on how such measures will affect the economic growth and fiscal consolidation of the country, and therefore of the citizens.
The Nationalist Party believes that our country has the potential to compete in foreign markets. Not only does our geographical position attract investors, but also the workers’ abilities and professionalism offered by the human resources in our country. That is why the Maltese government, led by Lawrence Gonzi, continued investing and improving in education and its facilities. Our main resource must be nurtured so that it may develop all the necessary skills and benefit from them.
We, the Nationalist Party, believe in the potential of the Maltese people and that is why we invest to empower our society. A course of action that offers opportunities to all, not just to the favourites.
David Casa is a Nationalist MEP
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www.davidcasa.eu