Looking back, the EU experience following the last financial crisis shows that the fiscal framework rules worked for some EU countries, but not for all member states, Finance Minister Edward Scicluna said.

Therefore, we need to ask ourselves whether changes are indeed necessary or whether supplementary measures are what is required. We need to make the fiscal framework more coherent, transparent and less complex, he said in his intervention during the discussion on the Economic Governance review, which took place at the ECOFIN meeting held in Brussels today.

Minister Scicluna welcomed the review of the economic governance, but emphasised that the flexibility clauses need to be well-defined, limited, and implemented in a transparent manner.

The Commission presented its priorities with respect to the Economic and Monetary Union during the Eurogroup meeting the previous day. Malta supports the completion of the third pillar of the Banking Union via the European Deposit Guarantee Scheme. This, however, should not come at the cost of financial and economic stability in some member states.

Scicluna was accompanied by Malta’s Permanent Representative to the EU, Daniel Azzopardi, and by Permanent Secretary Alfred Camilleri.