Various organisations yesterday welcomed Malta’s successful achievement in fulfilling the necessary conditions to adopt the euro, stating that it is an important milestone in the country’s economic history.

The Malta Chamber for Small and Medium Enterprises (GRTU) said it was a very important step that gave a clear indication that, regardless of Malta’s small size, it had a sufficiently strong economy that allows it to participate in the euro area.

In a statement, the GRTU said the positive report is the result of a collective sacrifice made by taxpayers, producers, businesses and workers who worked hard to overcome the financial and economic difficulties.

The Malta Chamber of Commerce and Enterprise said that the report is an important and historic milestone in Malta’s passage towards economic and monetary integration with Europe.

Chamber president Victor Galea expressed his optimism about the new opportunities that this development would bring about but warned that euro adoption and price transparency would also increase competitive pressures. He appealed to the business community to prepare in advance to ensure success out of the currency transformation.

In a separate press statement, the Malta Employers’ Association said that joining the eurozone should be conducive to the country’s further economic growth.

It added that adopting the euro “also means that the country must have sustainable systems to remain within the criteria that were necessary for its adoption.”

The MEA pointed out that the coming months will be crucial for the smooth transition to the new currency and that it is in the interest of all social partners to minimise any inflationary impact resulting from this transition.

Labour spokesperson on finance Charles Mangion said that the Labour Party made it clear that if it is in government before 1 January, it will follow the report issued by the European Commission.

He explained that the Labour Party believes that economic stability is in the country’s national interest and not a political issue.

Dr Mangion added that the positive recommendations made by the European Commission and the European Central Bank should be taken in the context of the reality of how Maltese families are living at the moment.