In Parliament on Monday night, Prime Minister Lawrence Gonzi took the country through the long and difficult process that led the country to achieve what can be described as one of its greatest historical moments – the entry into the eurozone.

This was, of course, the logical step to take after Malta became a member of the European Union in May 2004. In fact, upon becoming an EU member, Malta had been granted a derogation, together with the other new member states, in order to prepare itself to switch over from the lira to the euro.

The question was not if this would happen, but when. And, it must be said, Malta did extremely well in managing to achieve the tough criteria that were established in the Maastricht Treaty to be eligible to join the eurozone within such a short time.

If European Union membership in 2004 anchored Malta within a strong group of nations from a political point of view, the membership of the eurozone on 1 January this year secured a stronger economic position for the country. A full circle had been completed.

It was not an easy ride, but with hard work and the correct decisions Malta managed to lower its deficit and debt, and meet all the other requirements that were needed in just three years.

The Malta Labour Party had been sceptical about the government’s intentions. And the Prime Minister, on Monday took the opportunity to remind the opposition that the negative scenario it had depicted for Malta had not materialised – in fact, the country had achieved so much, and within a shorter timeframe than the opposition had suggested.

He took the occasion to recall that the opposition, which is basing most of its political talk on the perceived negative aspects of the euro introduction – those linked with the cost of living – had recommended a 10 per cent devaluation of the Maltese lira not so long ago, something that would have reduced the value of the people’s savings, apart from increasing the cost of imported products and services.

Yet, the most important message that the Prime Minister put across in his address in Parliament on Monday dealt with the future, not the past. “It is not a question of currency, but a question of the creation of job opportunities,” he said.

This is because the switchover to the euro is not a change carried out just for the sake of it, but because of the positive implications of such a change. Malta’s economy has grown in the years during which the country prepared to join the eurozone. Now that this step has been taken, the country’s expansion is expected to move at a faster pace.

Malta has gained in competitiveness by replacing the lira with the euro. This improvement has already been felt since the country announced its plans for the changeover, and direct foreign investment flourished. The euro will make it much easier for foreign investors to decide to set up shop in Malta, and this is why Dr Gonzi’s remark on the creation of job opportunities carries weight.

As said earlier, a full circle has been completed, but this is not to say that the road will be downhill all the way from now on. The international developments – the increase in the price of oil which recently surpassed the $100 per barrel and the increase in the price of cereals – do pose challenges that have to be faced on an everyday basis.

So far, in spite of the negative impacts that such developments could have had on our economy, the country’s situation has seen a marked upturn. But we must continue to be careful and not take things for granted.