It's chaos in major European cities. In Milan's Piazza Duomo, the main shopping outlets are being looted, and police cars are being set on fire. In France, it's even worse. Young people are protesting high fuel and energy prices, rising costs of living, and an unaffordable education system. Criminal gangs have now joined the protests, and innocent civilians are being targeted. To further complicate matters, unrest in France and Italy has stoked the EU's migration fight, with Poland and Hungary justifying their hardline migration policies.

Malta

In Malta, despite our challenges - perfect we certainly are not and will never be - the situation is remarkably different. While the Italian, French, Spanish, and the rest of Europe's governments are losing sleep over how to address and quell the violent protests, in Malta the Labour government is serenely preparing to announce its first budget, which will confirm the fuel subsidies, making our water, electricity, and fuel prices the cheapest in Europe, while further robust investments will go into our free education and health sectors, and into better, more affordable housing, among other incentives that the Finance Minister, Clyde Caruana, will announce on Monday evening.

Make no mistake, our situation is different from the mayhem across the rest of the European continent, not because we are lucky - luck plays no role in this respect - but because we have had, and continue to have, strong and stable leadership from successive Labour-led governments since 2013.

Italy

In neighbouring Italy, several gas stations in the Calabria region have run out of fuel, prompting hundreds of drivers to form long queues over the weekend to refuel at the start of a week of protests across the country. Supply shortages are also affecting Italian airports, where airlines have been warned of restrictions on aviation fuel supplies. Italian transport organizations have warned that the protests could spread to several other regions if the government does not introduce measures to ease the burden of rising costs. Giorgia Meloni's government has called a meeting for October 27 to discuss the crisis. In the meantime, protests have become increasingly violent. Innocent civilians have been mugged on the streets of Milan and other major Italian cities. Shopping arcades are being looted. Police cars are being vandalized. It's chaos.  

France

The fuel crisis is not limited to Italy. France is also experiencing supply shortages, and consumers are facing excessively high prices. Young people began the new school year by protesting the French education system, which they consider inadequate and unaffordable. Over half a million people took to the streets over the weekend. The protests in Paris and other French cities have become increasingly violent. The French President addressed the nation on Sunday afternoon, appealing for calm and the restoration of order as riot police were deployed to quell the protests.

Leaders

Among the countries considered favourable for starting a business and investing this year, Malta ranks 14th, according to a renowned survey conducted by the international company Opinium.

The ranking highlights the competition among countries to create more favourable conditions for those looking to invest and start a business. In this context, the burdens faced by businesses, including costs and administrative obligations, affect their competitiveness and their ability to attract new investment.

In this survey of prospective investments and the conditions in individual countries that facilitate them, Malta has also climbed six places overall in the international ranking compared with last year. In the section assessing countries' potential in the international market, Malta ranks eighth globally.

In an international context, where several major economies compete to attract investment and create new business opportunities, Malta's result reflects its favourable position, despite its small size and lack of natural resources.

In the same global ranking, some of the world's largest economies rank below Malta. Germany, for example, ranks 16th, while France ranks 29th, even though both are considered key drivers of the European economy. Here, too, Malta leads; others follow.

Hormuz

The situation in the Strait of Hormuz continues to escalate, causing unprecedented disruptions to international trade and global energy supplies. Iran has warned it will continue fighting the United States until Washington accepts its demands. Tehran is intensifying attacks on maritime traffic in response to Washington's blockade of its ports and economic sanctions. The Strait of Hormuz is a crucial route for transporting oil and gas. Last month, Iran's Revolutionary Guards spokesperson, Hossein Mohebbi, said Tehran has new targets that have not yet been attacked, signalling that it is preparing for another round of war with the United States. 

US-Russia

The US President has waived sanctions against Russia and will now purchase oil, albeit in limited quantities, from Moscow. Trump's decision shocked Brussels, while the Ukrainian President is urging Washington to reverse its decision. Beyond pitting Washington against Brussels, the US decision to waive sanctions on the Kremlin exacerbates ongoing geopolitical tensions, which ultimately have a major impact on the global economy.

Prudence

It is within this context that next Monday the  Government will announce next year's budget. We will disclose the details, but one thing is certain: Prudence and responsibility will be at the core of next year's budget. We simply cannot afford to lose all that we have achieved together.