Malta’s preparations to join the eurozone have been “thorough, determined and courageous”, French Economy, Finance and Employment Minister Christine Lagarde said on Thursday as she emerged from a bilateral meeting with Finance Ministry Parliamentary Secretary Tonio Fenech in Paris.
The mass production of Maltese euro coins began yesterday at the Monnaie De Paris’ Pessac facility outside Bordeaux, where Malta’s euro coins are to be produced in anticipation for the 1 January E-Day.
“We are delighted Malta is joining the euro, which has become such a strong currency in such little time, and that France has been able to help Malta with its transition,” Ms Lagarde commented yesterday. Not only are Malta’s euro coins being produced at the French national mint, but Malta’s euro adoption and changeover processes have also benefited from valuable input from French experts.
Ms Lagarde added, “Malta’s preparations to adopt the euro have been thorough, determined and courageous. Malta’s euro adoption will enlarge the circle of countries using the currency, thereby strengthening its entire basis, as well as facilitating trade and reducing and controlling inflation in the eurozone.”
Yesterday’s bilateral talks between Ms Lagarde and Mr Fenech, who were joined by Maltese ambassador to France Vicki Ann Cremona and National Euro Changeover Committee executive director Alan Camilleri, did not centre exclusively on the euro.
Talks also turned to the areas of financial services and value added tax, and how new EU initiatives in the areas are expected to affect both consumers and businesses, Mr Fenech added yesterday.
Malta, Ms Lagarde acknowledged, was far ahead of France in the areas as it had already submitted its recommendations on the issues while France was still discussing how the matters should be approached.
Talks also focussed on initiatives aimed at supporting small and medium size enterprises (SMEs) and on facilitating access for procurement contracts for SMEs. The area is of importance for Malta, according to Mr Fenech, in light of the high degree of SMEs operating within the Maltese economy, which account for the lion’s share of Maltese businesses.