A friend of mine claims that the best lesson we had this year did not result from developments in the euro zone or the Middle East or wherever, but from football.

In his view, the ongoing FIFA scandal shows in an exemplary manner how money has the potential to modernise and hugely empower a given area of sports activity. Through marketing it can then popularize it on a global scale, following which it corrupts the sport from the inside.

There’s hardly any doubt that during the last twenty to thirty years, FIFA leaders have carried out a brilliant strategy by which, building on modern telecom technologies, they successfully converted world football into a machine generating enormous financial profits, well beyond the levels that had been achieved previously.

In the process, the same leaders took care to keep hold over their positions and all the associated powers. They became a clique of insiders, ready to bribe and get bribed. They evaded all due process of accountability, except that of their fellows, all friends of their chief.

It was management à la mafia – a model that has tempted many people, in politics, economics, organized crime and now sport.  

***

Euro futures

The quantitative easing programme by which the European Central Bank is purchasing in all euro countries every month government bonds for a total of 60 billion euros, has not encouraged price rises in the euro zone. To the contrary.

Yet, the euro has depreciated significantly in international currency markets. There has been a marked increase in European exports, unmatched by internal consumption. Today, Europe is registering a very favourable balance in its external trade, selling much more to the outside world than it is buying.

Given the euro’s depreciation, the cost of Europe’s external purchases should have rocketed. Not so. The price of oil has dropped so deeply that even though it is set in US dollars, it too is contributing to deflation in the euro zone.

Meanwhile investment remains weak, while unemployment, especially among the young, remains too high.

What should be done?

My vote is for public investment, which should surely trigger in its wake private investment.

So what makes it a non-starter?

Eurozone management rules in practice, forbid it.

***

Hunt

I understand that an Opposition has every interest to hunt for abuses, while publicizing and personalizing matters.

Still rules of appropriate behaviour apply when doing so. Allegations made have to be grounded in real life issues and must be well researched.

Beyond these concerns, tactically it has to be ensured that matters raised are of serious and considerable import. Too many questions raised, some about frivolous incidents, generate lack of confidence in any general compaign being waged against corruption or abuse of power.

Trivial accusations undermine others whose effect could be much more fundamental.

The hunt for abuses will remain a principal and necessary function of the Opposition in a parliamentary democracy. Its reach is however determined by some important parameters.

I am not convinced that the current Opposition in the Malta Parliament is keeping within such parameters.

If so, that is a mistake, given that the same Opposition still carries too much negative baggage, dating from its past as government of the day.