Four years ago, Malta became a member of the European Union, joining the bloc together with another nine nations, most of them from east Europe, in the largest ever expansion campaign. Since then, the EU has grown even bigger with the membership of Romania and Bulgaria.

On 1 May, 2004, Malta celebrated its entry into the European Union, what was certainly the most important political move that the country made in recent history. Malta is now sitting at the same table together with another 26 nations who work together in planning a better future for Europe.

But membership was not beneficial only from the political aspect; what was equally important is that through membership Malta’s economy also stood to benefit. And the results of this are already starting to show.

For one thing, membership enabled the country to start the process leading to the switchover to the euro, a procedure that was completed on 1 January this year when the lira was replaced by the euro as the national currency. Having a currency that is so strong and widely used gives Malta greater credibility.

Many were those who wrongly thought that, four years ago, Malta would have immediately been transformed overnight. But it is clear that EU membership is not a short-term affair, but one whose benefits will be seen in the long run.

Suffice it to say that, soon after joining, Malta participated in the drawing up of the EU budget that will see it gain e855 million between 2007 and 2013. The money will be spent to further develop the country, and the government has already announced that nearly one-third of it will be used in environmental matters.

One other important matter that took place since membership is that the EU is no longer a political issue in the country. For many years, the Nationalist Party and the Malta Labour Party were at each other’s throats, with the PN pushing for membership and the MLP preferring a partnership agreement, effectively dividing the country into two.

But, once the referendum on membership was won by the “yes” campaign in March 2003 and this was quickly confirmed by the election held a month later, the MLP has updated its policies in this regard and, in fact, the EU took up little space in the campaign for the election held two months ago.

Since becoming an EU member, Malta has greatly benefited from the funds made available from the EU, and this will continue to happen in the years to come. We often hear the government speaking of projects or initiatives that were possible only because Malta is an EU member; had it stayed out, this money would not have been made available.

Yet, there is more to membership that just being part of the group. Malta’s image in the eyes of foreign investors has gained so much since the country joined the EU, and more so now that it has adopted the euro as its currency. This helps in no small way when foreign entrepreneurs are making up their mind as to where they will be investing their money.

The example of SmartCity quickly comes to mind when this subject is brought up, as it is very probable that the Dubai investors would not have looked at Malta if it had remained outside the European Union and was not in the process of changing over to the euro.

Four years down the line, Malta’s European Union membership can be described as a positive experience which enabled the country to move ahead. There is no doubt that the fruit of this membership will continue to be reaped in the years to come.