As I have no political party or nationalistic (Maltese, British or European) axes to grind, I have no wish to debate with Joe Martinelli (TMID, 14 April).

My interest lies in objective analysis based on indisputable facts.

The fact is that the euro/lira conversion rate was locked at 0.4293 as long ago as 3 May 2005 (per the CBM website). Prior to that date, as the gentleman correctly stated, the lira “was regulated by a calculation based on a basket of currencies”. Subsequently the lira was effectively shadowing the euro and, in the period to 31 December 2007, the two currencies strengthened versus sterling by respectively 7.44 per cent and 7.66 per cent. A digestible adjustment over two-and-a-half years for Malta’s tourist product.

My first letter (TMID, 3 April) exampled the same percentage appreciation in the much shorter time frame of 1Q08 to show how the volatility of floating exchange rates can quickly buffet Malta’s economy.

If I may allow myself a moment of emotive subjectivity, I would say that I was all for Malta having joined the eurozone for reason of cementing the island irrevocably into Europe.

However, being hard headed, and this is opinion, although the lira at e2.3293 may have looked right in 2005, and the authorities may have had no choice in timing, locking the conversion rate should have been left to the latest possible stage to take account of Malta’s largest tourist market.

Of course some may not care about those Anglo-Saxons, and water under the bridge now, and I hope I may be proved wrong, but I think Malta is in for some sharp belt-tightening this year (unless those English language students spend a lot more and start buying property).

Alex P Galea

Woking, Surrey

England