Introduction of the Euro in Malta: statement by Joaquín Almunia
End production: 26/12/2007 First transmission: 26/12/2007
Just a few days before Cyprus and Malta joined the Euro area on 1 January 2008, Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, made a statement about Malta in its path to the Euro.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, (in ENGLISH) saying that on 1 January 2008, less than four years after Malta joined the European Union, the Maltese economy, the Maltese citizens will share with other 317 Million Europeans the same currency, the Euro;
the Euro offers a big opportunity, a lot of good opportunities to increase growth, to have a more stable economy, lower prices, lower interest rates, better conditions for growth and welfare for the citizens of Malta;
but at the same time, the Euro is a currency that requires adequate policies, that requires macroeconomic policies, that requires further reforms to report the benefits of sharing the currency with 13 or 14 other European countries;
the Euro is now the second currency in the world after the Dollar;
the Euro is providing us stability, is protecting us against external shocks, but at the same time it is asking some discipline, some rigour when fighting against price increases, fighting against public deficits, fighting against low productivity;
in particular these days, when the coins and notes of the Euro will be introduced in Malta, all the citizens, authorities, economic sectors, consumer organisations should be aware to preserve the adequate prices, to avoid abuses, to avoid some increases in prices that are not justified by economic reasons; in other countries this was possible, but in some others, because they were not well prepared, there were some abuses;
he is sure that the Maltese economy, that the Maltese authorities, that the Maltese citizens will succeed again in this extraordinary good opportunity to assure a better future for all the citizens