The government is confident that in view of the progress achieved on the fiscal consolidation programme and improvement in Malta’s economic performance, Malta will meet all the criteria established in the Maastricht Treaty and which are essential pre-requisites to join the euro zone, Parliamentary Secretary Tonio Fenech said yesterday.

Addressing a National Euro Changeover Committee seminar aimed at vulnerable groups, Mr Fenech said that like any other membership in an exclusive club, membership in the eurozone needed to be of benefit not just to the participating country, in this case Malta, but also to the entire eurozone economy.

The single currency serves as a catalyst for progress in other areas of integration, such as completing the single market and enhancing economic policy coordination. Euro area enlargement would create new opportunities for EU citizens and businesses, and add welcome dynamism to the single currency area as a whole. “Our country is well on track to make the next step,” he said.

This was yet another historic moment. “It is equally historic that we can finally say that there is consensus on a project of such magnitude for our country. With a GDP of around E4.5 billion and a population of 400,000 living in such a small country, Malta is indeed the smallest and most densely populated EU member state. It also has the fourth most open EU economy with an average trade-to-GDP of 80 per cent in recent years,” Mr Fenech said.

The European Commission had recognised that the national changeover plan was detailed and comprehensive. Indeed, the National Euro Changeover Committee had managed to mobilise the different sectors of society – including the public sector, businesses, consumers and civil society – to ensure they would start preparing for the introduction of the euro. The information campaign and the NECC communication strategy – also approved by the European Commission – was gaining ground and gradually intensifying.

Mr Fenech said that over the past years, the government had increased its social spending in leaps. Expenditure in social work services, particularly in children services, education, social welfare programmes and welfare of the elderly, as well as the maintenance of obligations to all those seeking humanitarian assistance and third country nationals did not just involve direct financial investment in infrastructure but more importantly in trained and professional human resources.

“While the euro brings clear and immediate benefits to consumers alike, it also represents a challenge. Those of our brethren who are somewhat disadvantaged, be it due to language, cognitive, physical or economic reasons, will not look as forward to the introduction of the euro as we do. Indeed, the euro might present itself as a daunting challenge and a source of insecurity. Given the disadvantages they live with, they might feel hapless and helpless unless provided with assistance and hands-on coaching,” he said.

Although the government was investing heavily in the national information campaign and in the provision of information to key publics, “we are adamantly convinced that nothing and no one, other than yourselves, can be as effective in reaching out to vulnerable groups, be it the blind person, those with a language or literacy problem, low educational achievers, persons in old age or those experiencing mental health or cognitive difficulties to mention just a few”, Mr Fenech said.