What was discussed – and agreed to – in Brussels on Wednesday and Thursday is intended to give Europe oxygen to survive the difficult financial times the whole world is facing.

Another important decision that was taken by the leaders of the 27 European Union member states was the unanimous approval of the Immigration Pact, which paves the way for the concept of burden sharing that, although formally on a voluntary basis, should be of benefit to Malta.

In both cases, the success or otherwise of the decisions taken this week will depend on their implementation. It’s one thing planning and preparing, and it’s another thing to implement the measures listed on a piece of paper.

Starting with the financial package, the EU leaders essentially agreed to what had already been decided a few days earlier in Paris by countries who have the euro as their currency and the United Kingdom. It also replicates another meeting, this time involving finance ministers, which had led to the raising of bank deposit guarantees to e50,000. Malta has gone one step further, with the government guaranteeing double the amount on individuals’ bank deposits.

The Maltese government has repeatedly said that Maltese banks are “in a sound financial position”. Still, this does not mean that Malta will not be affected by what is going on. For one thing, people will be more careful with the way they will spend their money, and this will no doubt affect the tourism industry.

Yet the package that has been approved in what has been described as a financial rescue plan should enable the European Union – and as a consequence Malta – to weather the storm. As a result of EU membership and with Malta now part of the strong eurozone, the effects of all the current financial turmoil are softer on the local system.

Taking a quick look at what is happening in Iceland – which for many had been an example that Malta should have followed – gives a clear indication that decisions that were taken in the past have put Malta on a stronger footing.

The united front that the European leaders have sought in a bid to combat the prevailing situation gives Europe a better chance to overcome the problems that are coming its way.

The show of unity was also demonstrated with the unanimous approval of the Immigration Pact. The way the situation with regard to irregular migration has developed over the last few years gives the pact more significance for Malta.

Being at the southernmost front of the EU, Malta is the first country irregular migrants find on their way to better pastures in continental Europe, and circumstances often lead them to stop here. This has meant that Malta is carrying a disproportionate weight when its size and resources are taken into consideration.

The Maltese government insisted that the burden sharing clause is included in the pact. This has been done on a voluntary basis – something that has raised some controversy, especially from the Malta Labour Party quarters.

Again, the success of this pact will be seen in the long-term, that is whether the countries that have agreed to support Malta in its predicament, will actually help out in the way they are promising to do.

It is up to Malta to continue exposing its problems in tackling the irregular migration issue and lobby via diplomatic channels to push other nations into doing their bit too. Otherwise, the pact will just be a piece of irrelevant paper.