European Central Bank president Jean Claude Trichet and European Commissioner Joaquin Almunia, yesterday joined in the plaudits for Malta’s approach to join the eurozone during a press conference held at the Prime Minister’s Office at Castille yesterday.
Mr Trichet said: “The progress this country has made in reducing the deficit and putting finances on a sound footing, coupled with the approach to join the euro, has been remarkable.”
“The preparation for joining the single currency has been exemplary, as has been the information campaign mounted by the National Euro Changeover Committee,” he said.
However, he sounded caution, saying that fiscal discipline will be of the essence if Malta is to capitalise on all the hard work already put in. “But I am confident that we shall see a smooth changeover come January 1 2008,” he said.
The European Economic Monetary Union is a team, said Mr Trichet. “And we are glad to welcome Malta to that team. Bravo Malta”, he said.
Mr Almunia joined in giving Malta praise, saying that these were good economic times for Europe, and that these good times were also a time for consolidation of what has been achieved. “Malta has done well and let me be the first to congratulate you for the results achieved,” he said.
The Malta Independent quizzed Prime Minister Lawrence Gonzi about the improving economy, pointing out that while good results have been achieved, certain sectors of society were saying they were not feeling the benefits. He said: “This country has gone through tremendous change over the past few years. We became part of the European Union and we have also embarked on a large restructuring process.” He said that to this effect, the dependency of large state owned firms on subsidies had been dramatically reduced. “Yet, we have to keep striving. We acknowledge that there are certain sectors of society that need more support. We have always tried to support those that need it, and we will keep on doing so,” he said.
Dr Gonzi said there seemed to be an all round national spirit to make the changeover a success. Mr Almunia also fielded a question on whether he thought that election speculation could do anything to derail the process. “The key, as I have stressed time and time again, is fiscal discipline, good governance and transparency. It is not a question of left and right. It is a question of good and bad governance which is at stake here,” he said.