PM calls for widespread ownership of euro changeover

Prime Minister Lawrence Gonzi yesterday expressed confidence that Malta's adoption of the euro on January 1, 2008 would further enhance economic growth and create new job opportunities.

A day after Malta was given the final green light to adopt the European single currency at the Ecofin summit in Brussels, representatives of unions, employers, retailers and the business community sat behind an upbeat Dr Gonzi during the launch of the final master plan for euro changeover.

"If I could, beside having the Maltese cross on the euro coins, I would write the words 'more work and better work' on each and every coin," Dr Gonzi said, reiterating that the changeover would have a positive impact on Malta.

While making the country a more trustworthy place for foreign investors, the decision and subsequent preparations to join the euro were translating themselves into sound public finances and a stronger economy.

There was also a social aspect to the changeover, Dr Gonzi said, auguring that the changeover process, that will peak in the coming months, would owned by everybody.

A lot of work had been done already, especially by the National Euro Changeover Committee, for there to be a significant changeover information campaign. Since the NECC was set up, emphasis was placed on the need to monitor inflation so that the conversion from the Maltese currency to the euro would not lead to an unnecessary increase in prices as had happened in some countries.

Thanking the business community for cooperating with the NECC in the Fair initiative that had to do with the dual display of prices, Dr Gonzi said the government would keep on monitoring prices so that there would be absolutely no abuse when prices are converted from liri to euros. Yesterday, he remarked, was the first day of obligatory dual display of prices.

The remaining five months before the changeover date would be a great logistical challenge because containers of minted euro coins and notes will have to be shipped to Malta and distributed by the Central Bank to commercial banks, businesses and consumers.

"Let us make a concerted effort so that the changeover would be as seamless as possible and so that everybody takes ownership of it," Dr Gonzi said.

The final master plan published yesterday lists all the work that has been done so far by the NECC and the changes that still need to take place for a smooth and efficient euro changeover for the government, business and financial institutions, the public and vulnerable groups.

Those interested in obtaining a copy of the document can download it from www.euro.gov.mt or call freephone 154 to get the master plan delivered to them.