During the presentation of the 14th euro star to the Central Bank of Malta, President of the European Central Bank (ECB) Jean-Claude Trichet yesterday described Malta’s public preparation for the introduction of the euro as “outstanding”.
Mr Trichet handed over the 14th euro star to Central Bank of Malta Governor Michael Bonello after they both unveiled euro banners on the façade of the Central Bank of Malta in Valletta.
The star is a memento that is awarded to each new member of the euro system.
Mr Trichet described the moment as “moving” – one of “magic beauty” and added that the euro changeover was prepared thanks to a very close collaboration between the ECB and the Central Bank of Malta.
“This is a very important moment in your history and to all of us,” he said.
He warmly congratulated all those who were involved in the euro changeover and all those who “have helped Malta reach this goal.”
Mr Trichet said he was very proud of Malta’s convergence process and expressed his satisfaction with the work carried out, especially at a technical level.
“The preparation for the euro has initiated a reform process but the introduction of the euro should not mark the end,” he said.
The ECB president called on the Maltese not to stop right now but pointed out that the planning for the introduction of the euro has almost reached its end.
He had high praise for all those involved in the euro changeover, describing Malta’s public preparation as “extremely advanced” and said that all those, including the National Euro Changeover Committee (NECC), involved should be proud of the smooth changeover they managed to achieve.
Mr Trichet also mentioned a recent Eurobarometer study that noted a steady progress in the happiness of the Maltese towards euro adoption.
“There was an important pick-up in the statistics issued in the June 2007 report due to the preparation towards the euro,” he said.
Central Bank of Malta Governor Michael Bonello said he was very privileged to have worked in close collaboration with the ECB and added that the star heralded the euro’s arrival to Malta.
“Membership with the second most important and powerful currency in the world is soon upon us,” said Mr Bonello.
He went on to say that the euro will “virtually eliminate any possibility of an exchange rate crisis for Malta.”
Furthermore, added Mr Bonello, the Central Bank will assume shared responsibility for shaping monetary policy for countries included in the euro zone.
He expressed his confidence and enthusiasm at the introduction of the euro and added that this is a great event that will coincide with the 40th anniversary since the Central Bank was set up.
Mr Bonello spoke about the important role the Central Bank had in developing the Maltese economy.
“Not only was it involved in the legal structure that allowed Malta to become an international banking centre but it was at the forefront pushing for early euro adoption,” he said.
Mr Bonello said he was proud that Malta is joining the euro system and that, as a result, it will form part of an institution which provide financial security and create job opportunities.
“We look forward to joining the other 13 countries – especially since Malta is an island. The introduction of the euro, and this euro star, is a symbol of the shared values, the common identity that brings people together,” he said.