As e-day approaches for the Maltese and Cypriots, Malta will also be faced with a general election some time in the coming 15 months or so and it is still to be seen whether the changeover to the single European currency could be one of the determining factors of the forthcoming election.

Interestingly, Saturday’s edition of The Economist quotes Prime Minister Lawrence Gonzi as having borrowed a quote from his Luxembourg counterpart, Jean-Claude Juncker: “Every finance minister knows what to do. But then no one knows how to win the next election.”

The article highlights the hurdles that the country has overcome to make it into the eurozone.

It also delves into the opposition’s sceptical view on the issue and the fact that the ruling Nationalists are five points behind in the polls, and have lost every local election for four years.

The Economist quotes Central Bank of Malta governor Michael Bonello as saying that adopting the euro will mean one headache less for a trading nation like Malta. Rightly so, as a good majority of the country’s business relations are concentrated in EU member states.

Moreover, as both PM Gonzi and finance parliamentary secretary Tonio Fenech have explained time and time again, the introduction of the euro will be a plus point for the country to attract visitors from eurozone countries and foreign investors.

The article in the weekly international affairs publication gives a brief outline of the development of the country’s economy since it gained independence from the British 43 years ago.

It focuses on the shift of workers from the public to the private sector and the government’s efforts to change the public’s mentality at the time of British colonial rule, which The Economist refers to as “a pervasive jobs-for-life, state-will-provide outlook”.

The public’s perceptions on euro adoption and the government’s decisions with regard to the country’s finances and the economy could very well indicate to what extent the public’s mentality has changed over the past 43 years.

Without any doubt, the country is about to enter a new era as it adopts the European currency, looking further north in the process, as the Central Bank of Malta governor put it.

“Ever since the 11th century, when the Arabs were ejected, Malta has looked to the north… On 10 July, the European Union’s smallest member took its biggest step north since its entry three years ago,” The Economist quoted him as saying.

However, the true meaning of moving north and its implications makes you wonder about the future of the country in an enlarged EU. It is probable that British colonial rule will leave an indelible mark on Maltese culture for many years to come. Would tiny Malta truly adapt to the ever-growing EU and to the single European market?