Maltese unenthusiastic about euro's introduction

A new survey conducted on behalf of the European Commission shows that the Maltese are not very keen on replacing the lira with the euro.

The survey, conducted last September across the populations of the 10 new European Union member states, shows that Malta ranks as one of the most "sceptical" countries among the new group.

The Commission conducted the survey in order to understand the general opinion of citizens on the eventual introduction of the euro in their country and to measure the level of awareness on the single currency.

The survey was technically conducted by the EOS Gallup Europe network among 10,000 citizens aged over 15 years throughout the 10 new member states. In Malta the interviews were done via telephone. The full results were published yesterday.

One of the main indicators of the sceptical opinion about the introduction of the euro in Malta emerged when respondents were asked when they would like the euro to be introduced. Forty-six per cent said they would prefer this to be "as late as possible" while only 15 per cent said they would prefer it to be "as soon as possible". Thirty-three per cent said it should be done "after a certain time" and six per cent did not answer.

Malta scored almost the highest percentage in the "as late as possible" answer, being surpassed only by Estonian citizens, with 47 per cent, one percentage point higher than Malta.

The results of the survey also show that citizens of the new member states are divided as to the consequences of the introduction of the euro in their country. Malta and Latvia scored the lowest rates as to the positive consequences, with only 35 per cent and 28 per cent respectively indicating that the introduction of the euro will have positive consequences.

In Malta, a relative majority of respondents, 44 per cent, said they expected "negative consequences" while 21 per cent did not answer.

When respondents were asked, on a personal level, whether it would be positive or negative for them if the euro was introduced, Maltese respondents had a divided opinion. Forty-two per cent said that it would be positive while 41 per cent said it would be negative. Sixteen per cent did not answer.

This answer was similar across the 10 new member states. Indeed, 40 per cent indicated that the introduction of the euro would be positive for them personally while 45 per cent on the contrary indicated that it would be negative.

Asked about their opinion on the replacement of their national currency by the euro, 47 per cent of respondents indicated that they would be unhappy if such a replacement took place.

This was also the case for the Maltese respondents. Forty-nine per cent said they would be unhappy to lose the Maltese lira while 41 per cent said they would be happy to accept the euro. Ten per cent did not give an opinion.

The Commission survey also tried to measure the expectations and fears regarding the adoption of the euro in the new member states. The results show that generally, there is a consensus on the positive consequences of the euro's introduction, although this varies from country to country.

Being more convenient for those who travel abroad is the practical consequence of the euro that is most widely acknowledged in the new member states. On the other hand, "abuses" and "cheating" during the changeover to the euro is the main fear.

The Maltese feature prominently in this, so much so that 72 per cent of Maltese respondents said that they feared abuses and 'cheating' when the euro is introduced. Only the Poles have a stronger rate of people fearing abuses. At the same time most citizens in the new member states do not fear a loss of national identity with the adoption of the euro.

The survey also shows that one in two respondents across the 10 new member states believes that the introduction of the euro will exacerbate inflation. In Malta the figure is 62 per cent, the highest percentage among the 10 new EU populations.

The Maltese government is targeting 2008 as the year when the euro will be introduced.