The Euro in Malta

"Ever since Government declared the aim of adopting the euro by January 1, 2008, the Malta Labour Party and its leader, Dr Alfred Sant [former Prime minister] in particular, have maintained that this is too soon," writes the political economist Stefano Mallia. "The argument went, and still goes, that we should first aim at achieving a stronger economic growth before actually joining the Eurozone. ... Now it is clear that by May or June of next year some unequivocal signals will emerge from the EU Commission as to whether Malta will indeed be in a position to adopt the euro by January 1 of the following year. ... The adoption of the euro should be seen for what it is, a step further towards integrating our economy with that of most of Europe's key economies. It should also be seen as a measure that will assist us in creating the necessary sustainable fundamentals for the creation of a more competitive economy."

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