So we have been accepted to join the euro. But there are still those who believe that we should have taken a decision to join this monetary system later – perhaps in the year never-thousand. Labour wishes to delay, and then delay even further. These are their well-known tactics. On the other hand this government is intent on moving on – into the future economic capabilities where less is left to chance, in which the fluctuations due to currency valuation, in the import and export market, are done away with. We are looking ahead towards times which are better still than the good days we are experiencing so far.
But then there are those who are afraid. There are those who prefer to linger in the past. There are those stashed up in a cocoon where they feel safe. They are afraid of competition. They are afraid to dare. They would rather stay out of the eurozone with the ensuing circumstances.
The Opposition Leader seems to have been up to his usual antics last Sunday. This is just like going over one of those Shakespeare plays. To Hamlet it was a question of whether it was “to be or not to be”. To Dr Sant it is once again a question of “to join or not to join”. And if yes, when? Dr Sant is now once again ranting away that the changeover is too near and too early. Is he here or there? Has he really decided what he wants? He has been expressing doubts about the country’s economic future one time too many. I believe that he has now reached a stage in which he has lost all his credibility in this field.
The financial reports regarding the state of our economy, both local and also those served out by the people in Brussels, have given us a positive certificate; the facts are there for one and all to inspect and go over.
The people at the top, led by Commissioner Almunia, believe that our economy is sound and stable. The country is controlling its deficit and the inflation rate is below the required three per cent of GDP. They also believe that this is sustainable. It follows that in this frame of mind and state of affairs, the country can join a monetary system which not only depends on one’s own performance but also contributes and assumes part of the joint responsibility being shared by those other countries which have entered into this financial regime. They have accepted us because we can give a positive input and not be a liability. The financial setup is transparent and does not allow for untenable mistakes.
However it’s either that Dr Sant does not give credit where it is due, or else he has a doubt as to whether, if elected to government, he can sustain the present financial position. At Naxxar last Sunday it was all back to square one. Is he afraid that economic growth would lose its present impetus under a Labour government? Is he afraid of a slowdown which would make his economic policies unsustainable and lacking credibility? With all due respect to him, he seems to be U-turning once again. A few months ago, during the budget debate, he stated that it was good for the country to join the eurozone and even voted “aye” in Parliament. Now he is stating that it should not be January but perhaps later. Why? Has he got it in his Pandora’s box that if elected Prime Minister at the next general election, and we are still operating the Maltese lira, he would be able to cut losses through a currency devaluation?
That is an option that he will not have. He might as well get used to the idea and focus his financial projections, should he be elected, upon other avenues that he could follow in order to control the economy.
On the contrary, this government is forward-looking. Prime Minister Gonzi’s vision looks as far ahead as at least 2015. Dr Sant still remembers and probably longs for the “good old days” of 1996-1998. Not that there are so many positive things to remember.
Dr Sant has to accept the fact that development and economic growth are the call of the day. This government is dedicating most of its attention and energies towards preparing a work force which will be capable of meeting the challenges of the future. Our workers will not be repairing boots or harvesting and marketing capers.
The projects we need are businesses in which there is more value added by the Maltese; the likes of ICT, modern technology, intelligent industries, pharmaceutical production and financial services. Investment Minister Austin Gatt is looking at the new projects on the horizon and turning into reality the various investments which have come our way. We can change windows into doors, which in turn bring in the entrepreneurs, and then provide them with the necessary logistics and infrastructure to be able to operate.
There is no time for lingering and braking in the corridors of government. Malta is on the move and Malta Enterprise is operating with this vision. Those choosing Malta as their playing field are not ready to wait for bureaucracy and red tape. This is besides the fact that there are other competing countries that are prepared to accept investors with open arms if there are any hiccups on our part. Anyone who gets a better deal will by-pass us once and for all.
The euro is round the corner. In seven months’ time it will be our currency – another step in the right direction. It simply boils down to a question of faith in one’s capabilities. We must believe in ourselves.
We can do it.
Tony Abela is Parliamentary Secretary in the Office of the Prime Minister.