The Malta Independent 15 April 2024, Monday
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Blank?

Alfred Sant MEP Monday, 5 February 2024, 08:00 Last update: about 3 months ago

People who fail to understand that the threat to the integrity of Malta’s neutrality has become serious are getting it wrong. A greater mistake is being made by others who believe (or claim to believe) that given the current international situation, it would not be a problem if the status of a neutral is toned down or given up completely. As if neutrality is valid and only makes sense during tranquil times and not  contrariwise when storms start to gather.

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The project to make the EU also develop as a military union is advancing fast. Quite a  substantial number of member states accept to back this approach in order to feel they have greater security against the Russians or to counter the effects resulting from what they fear will happen if the US scale down their commitment to stand for the defence of Europe.

It would have been a better idea to build a different structure from that of the EU itself in order to cover defence. Once this is not being done, neutral countries like Malta should be given an opt-put on all aspects of defence policy, similar to the ones the Danes have for the euro. We should not remain silent and blank regarding this issue.

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AIR MALTA FLASHBACKS

Now that Air Malta is approaching the end of its days, precious memories will remain of the enterprise which is (or used to be) synonymous with the way by which this country achieved economic autonomy after having secured political independence. It was largely instrumental in the establishment of the tourist industry and in the setting up of air communications between these islands and the main European locations.

I am one of those who cherish personal memories of how Air Malta developed. Like the memory of friends who went to Pakistan for training to become pilots and engineers in courses that at the time, would last for years. Indeed, Air Malta had started as a joint venture with Pakistan Intrernational Airlines. Or, fifteen years later: memories of the managerial study which I carried out regarding the human resources policies that Air Malta had been following.

The Air Malta story surely deserves to be recorded.

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PRIVATE FUNDS

For initiatives that were long ago labelled as crucial, in digitilisation and in the effort against climate warming, Europe’s financial needs are enormous. A big chunk of them will take the form of government investment.The rest would need to come from private investments. This supposedly will be mobilised via the European capital markets that are coming together.

The estimated funds that will be needed are phenomenal and could climb to six hundred and thirty billion euros, perhaps more. The problem is that the EU’s capital markets are small and fragmented for they run on a national basis. They just cannot compete with the those of the US.

The capital markets union project has been around for quite a while and deemed praiseworthy. In reality as of now it can be considered a failure. In such a situation, will it be possible to mobilise enough capital funds?

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