The introduction of the Euro was a major step forward for the evolution of the European Union. This was stated by Minister for Finance Edward Scicluna while addressing the EUROFI Financial Forum held in Tallinn, Estonia, on Thursday 14th September 2017. Minister Scicluna acknowledged, however, that there is still ‘work in progress’ to be concluded before one can start to talk about having a big vision for the future of the Union. The Euro was unprepared for the international crises of 2008. As a result, there was a ten-year period of low growth and high unemployment.
The realisation of the Banking Union and the Capital Markets Union, as well as schemes for better economic coordination between member states when it comes to formulating economic policies, are areas which will be aided through more commitment and goodwill from member states.
Minister Scicluna concluded his intervention by stressing the importance of instilling trust in the institutions prior to embarking on more ambitious projects for the Union.