It’s the beginning of the road, not the end….

In recent days there has been a furore of discussion, debate and analysis of Malta’s performance immediately following euro adoption. This is the time when we are putting all the carefully made plans laid by authorities, business institutions, retailers and consumers alike, to the final and practical test.

However, let us not allow such debates and excitement – or even the occasional squabble – to detract us from the long term significance of this achievement. We must not overlook the fact that those shiny new coins and crispy new notes we now hold in our hands, represent much more than a simple change in the tactile aspect of the currency we use.

They represent economic development, stability, transparency and increased competition. They represent investment opportunities and more efficient trade transactions. They represent our country’s strengthened position within the European Union. However, they also represent the need for dynamic, motivated, innovative and competitive strategies, at all levels of society.

The next step…

Euro adoption has brought with it an extensive list of long-term benefits, including price transparency, a sounder economy, the elimination of exchange costs and the increased potential to attract foreign direct investment. However, now that we can say that the vast majority of Maltese are working well in euro, the time is ideal to dedicate further attention to how best to go about making the euro work for you.

Both businesses and consumers should be forward thinking and creative and latch on to the opportunity to reassess their economic and financial situation, facilitated by the net benefits brought about by euro adoption. From a business perspective, the numeric “change” in the expression of the value of a good or service – that is, denominating prices in euro – provides the perfect opportunity for retailers to gain further credibility and client confidence, by guaranteeing fair and transparent pricing in the new currency.

This can be reinforced by a valid effort to provide customers with any necessary assistance throughout the changeover itself. Gauging feedback coming in on the national euro helpline, such efforts do not go unnoticed or unrewarded by the increasingly vigilant and confident consumer.

The packaging, marketing and advertising aspects of the business should also be taken into consideration as many businesses may also benefit from a “fresh” approach, with the current socio-economic climate providing the opportune moment for such strategies to be analysed, developed and promoted.

Consumer confidence can be stimulated and consolidated with these small but powerful initiatives and this, in turn, will greatly improve the businesses’ ability to compete locally and also abroad.

Consumers also stand to benefit directly from euro adoption through their enhanced ability to compare prices across the euro area. This benefit should be given its due importance especially considering the recent developments in the use of information technology for frequent, if not daily, transactions and purchases.

In addition to this, an added, albeit an indirect benefit, of Malta’ entry into the euro area has been the extremely strong information and education campaign rolled out during the changeover process. Consumer protection and the provision of information has become the order of the day. Now is the time for the general public to participate in relevant discussions in a proactive and constructive way so as to ensure the continued improvement and strengthening of the consumer’s position within the local economy.

At the end of the day, euro adoption has been described many a time as a “historic step” – and rightly so. However, in order to progress, to “travel far” so to speak, each step must be followed by a thousand others. Together, we have made a historic step, now it is time to follow it up with innovative and positive action. Consumers, businesses, private and public entities all need to take these new challenges and opportunities into their stride so as to reap the full benefits of Malta’s new position in “The Heart of Euro(pe)”.

Claire Azzopardi is an information officer with the National Euro Changeover Committee