Call for political unity over euro

Positive expectations of the European Movement (Malta) prior to European Union membership have been or are on the way to being fulfilled, the movement said in a declaration on the occasion of Europe Day which is celebrated tomorrow.

Taking stock of the situation of Malta's experience in the first two years of EU membership, the movement said that while substantive progress has been achieved, important challenges have still to be overcome.

All effort must be made by all the strata of Maltese society to grasp the opportunities that membership has opened up, it said.

To prepare for the adoption of the euro in 2008, Malta has to successfully and drastically reduce its fiscal deficit, control its public debt and tame inflation. The movement praised the progress that has already been achieved but cautioned that a big effort is required to maintain the course.

By adopting the euro, Malta's international image and credit ratings will improve making it more attractive to investment which will in turn enhance job creation.

The movement also called for political unity in support of euro entry and all economic measures required to achieve it.

"Any serious failure on the road to the introduction of the Euro, such as a postponement of the entry date once the country has bravely embarked on this challenge, would tarnish Malta's image and hurt its growth prospects," the movement said.