Once again, we have to endure dangerous prepositions that will only generate confusion if they remain unexplained. Following the introduction of our new currency, once again we heard the opposition tell us that the Maltese lira should have been devalued before introducing the euro.
The echo of this economically senseless suggestion of our old Maltese lira would have resulted in an economic catastrophe. If this suggestion taken up, the result would have been an increase in prices, without any type or form of control, by 10 per cent. On the other hand, the value of a person’s money would automatically decrease by 10 per cent.
For example, if a person had e10 (Lm4.29) in his pockets, the real value would have been e9 (Lm3.86), while at the same time an item valued at e10 (Lm4.29) would have its price raised to e11 (Lm4.72). This would have increased the cost of living automatically since the value of prices would rise, while the wages would decrease in value.
This would have led to an economic disaster, especially considering the increase in oil prices. With oil prices near the $100 mark in recent days, that would have meant that we would have to add another 10 per cent to that price to buy the commodity. The result would be an increase in expenditure to produce energy, which in one way or another must be covered.
The idea would have increased the cost of oil for the whole nation, including families, businesses and companies, by 10 per cent. I do not think that Malta would have been so attractive to foreign investors if such a proposal had been accepted.
When one takes into account the latest suggestions made by the Malta Labour Party regarding the reduction of the surcharge, I find it amusing when they say the cost to produce energy would have been met. Well, I am relieved that our Prime Minister did not take up these suggestions.
Prime Minister Gonzi recognised what is needed for our economy to gear up and become a successful one. Our country needed an economy that would generate money and jobs towards our shores through the good use of our human resources. Investing in our islands main potential, the people, we are guaranteeing successful results.
The Nationalist Party in government invested in education, and at the same time is attracting high quality foreign investors to guarantee a better and more prosperous life for all. The latest achievement in the field of opportunities for the Maltese is, without doubt, the signing of a memorandum of understanding with the European Laboratory for Particle Physics in Geneva (CERN).
The agreement with the largest laboratory of its kind in the world will create new opportunities for Maltese engineers and scientists to undertake postgraduate studies in an undisputed global nucleus of advanced technical research, development and innovation in the fields of engineering, information technology and physics.
Such an opening would be instrumental in attracting foreign investment to Malta, in the area of high-tech industry, as it would provide a very good display of the quality and abilities of Maltese people.
These are the aspirations of the Nationalist Party in government; seeing that the Maltese people have the various possibilities to enrich their knowledge and enhance their potential. Empowering the Maltese citizen makes our country more competitive in niche markets within the globalised economy.
Malta’s increase in competitiveness has resulted in thousands of new high quality jobs in sectors such as pharmaceuticals, aeronautical engineering, the financial services and IT. Our accession to the EU is a guarantee of high quality in the services provided. Our standards, together with our geographical position are presenting opportunities that could make our country a centre of excellence in various fields.
These results are proof of Prime Minister Lawrence Gonzi’s effective leadership. The path to reach these positive results was not plain sailing. Malta, like other countries, faced various obstacles in reaching these targets. These international challenges include the upsurge in the price of oil and the transfer of investments to emerging economies. Notwithstanding these difficulties, the economy has actually grown in real terms, while unemployment has fallen.
The Nationalist Party, when the time comes, may face the electorate with a record of accomplishment and a list of challenges changed into success stories. A basket filled with opportunities for all Maltese society that will lead our country to the highest levels of achievements. The projects and investments that are being implemented, or still in the pipeline, will secure the future for children, our future generations and us.
David Casa is a Nationalist MEP
[email protected]
www.davidcasa.eu