The Malta Institute of Managemernt (MIM) organised a very interesting conference about the digital economy in Europe and the implementation of VAT. The emphasis was on the advances in what is being referred to as fintech – where Malta is at the forefront – and how they will affect the workings of VAT.

However, the discussion took a wider turn.

Finance minister Edward Scicluna gave an excellent account of how political and financial maoeuverings within the European Union affect the running of regulatory agencies in Malta. And of how on the Maltese side, we have been responding to these developments.

He was convincing in the explanation he gave regarding how it seems to have become easy for the communications media within the EU to open fire on what might have been happening on a small scale in the smaller countries, like Malta and Cyprus... while at the same time (though Scicluna with a subtle diplomatic touch just did not make this point clearly) hardly highlighting what is happening on a much much wider scale in the big banks and financial institutions of the larger states.

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Concerning Brexit

I was present at another conference with quite a big attendance from which I could hardly be absent. It was organised by my office, with the support of the European Parliament, in a Qawra hotel. We discussed Brexit and how it could affect Malta. With Karl Stagno Navarra we reviewed  the possible scenarios in the negotiations by which at their conclusion, the UK should be leaving the EU. A few days earlier, I had discussed the same issues with British minister Brandon Lewis in Brussels.

This time however, the interest was mostly focussed on the impact that Brexit could have on Malta and the Maltese, under the different scenarios that would define the outcome of negotiations.

One thing is clear: it is in Malta’s interests that Brexit is implemented by agreement and in a rational way. It would be in nobody’s interest were the matter to end in conflict. The Irish question is most complex but it is vital to solve it by means of a reasonable compromise.

As I see it, the worst difficulties for the Maltese people could arise from what’s going to happen in the financial services sector and in that of tertiary education studies, which so many Maltese students opt to follow in the UK. One needs to wait...

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Sustainable tourism

A group in the European Parliament that is dedicated to the study of islands and maritime regions in Europe organised a useful seminar about sustainable tourism. I was invited to preside a discussion slot regarding how we need to gather the relevant information about the factors that would bring us close to the desired developmental objectives.

People who are well acquainted with this topic presented their views. They came from Italy, Greece, Spain as well as from the European Commission.

Disagreement still persists regarding what is meant by sustainable tourism in the Mediterranean – what makes for it, what goes against it. The tools by which to seriously measure this challenge still need to be put definitevly together. However there is wide agreement that such questions need to be considered with the utmost attention.

The truth is that not everybody agrees that tourism is an activity that only generates development and economic growth without also triggering adverse consequences...

As it happened, this was a week that came to be defined for me by conference discussions...