Mr Muscat was speaking during the plenary debate on the European Central Bank. He was the main spokesman for the European Socialist Group during this debate and put forward the group’s position on the ECB’s report.

“Mr President, I live in a very small village of not more than 800 inhabitants, in the smallest member state of the European Union, that is Malta. Nevertheless, what is being debated here today with many pompous terms affects the life of these families in the same way that it affects the work of the many multi-nationals that have powerful lobbies here and in Brussels,” he said.

Mr Muscat said these were regular people who were diligent tax payers and who abide by the law. “We must keep them in mind whenever we as the European Parliament, and you as the European Central Bank, take your decisions,” he said.

The Labour representative stressed that the main concern for new EU member states should be to put their economies on a sound footing.

“One should tackle the issue of Euro membership from this perspective. It does not make sense for a member state to introduce harsh measures on the middle class and the weakest members of society in order to simply satisfy its craving to join the single currency at the earliest possible stage.”

Mr Muscat said that while that result might be obtained, it would also likely lead to the erosion of the social system if the transition is done hastily and without adequate planning.

“New member states, and the European Union as a whole, have many things to learn from the experience of those countries which have already introduced the Euro. This was a positive experience for many. Nevertheless, there were numerous complaints, especially from the weakest sectors of society, regarding unjustified price increases when the system switched to the Euro,” he said.

“These are things that affect the lives of millions of regular people around the EU. We are duty-bound to address this issue and learn from the mistakes of the past.”

Last year, the European Parliament asked the ECB to investigate the malpractices that led to price increases. On behalf of the Socialist Group, Joseph Muscat moved an amendment for the European Parliament to ask once more for this investigation to take place.

“These are difficult times. But it is not the time to be demoralised. These are times that require leadership and vision. Let us deliver,” Mr Muscat concluded.