Adopting the euro

In his Talking Point, The Euro: Our Common Interest (June 8), Tonio Fenech, Parliamentary Secretary at the Ministry of Finance, should have, at least, outlined what adopting the euro involves and then give an example or two of the disadvantages and not merely the few advantages he mentioned, some of which could turn out to be just wishful thinking. Needless to say he did not fail to indicate what most concerns the commercial community. At the same time one could hardly fail to perceive that Mr Fenech's propaganda line resembled more the oft-heard line of the referendum campaign.

Take for instance the opening paragraph: "There is general agreement that the adoption of the euro will lead to considerable economic gains and will have a positive impact on the country's growth prospects."

Is it not unbelievable that politicians in power in Britain, Sweden and Denmark have so far not been aware of the "considerable economic gains" that result from the adoption of the euro?

Mr Fenech, as the politician in charge of the Ministry of Finance, ought to have explained, in brief, what the adoption of the euro by Malta really involves from an economic point of view so that his readers might have better understood what he meant by "our common interest".

He concluded by saying: "The euro is not a political choice, but forms part of a rational economic strategy". Really? Malta and the nine East European members had to accept the euro. They had no choice. But Britain, Sweden and Denmark made the political choice of declining to join the euro as they did not see it as "a rational economic strategy".