The Central Bank of Malta has been invited by the European Central Bank (ECB) to start participating in the Eurosystem’s structures in an observer capacity with immediate effect, following the ECOFIN decision allowing Malta to adopt the euro as its currency on 1 January 2008.

The Eurosystem comprises the ECB and the national central banks of those countries that have adopted the euro.

The governor of the Central Bank will now be participating as an observer in the governing council of the ECB, which, among other tasks, is entrusted with the formulation of monetary policy for the entire euro area. The governing council normally meets twice a month.

From 1 January, the governor will become a member of the governing council.