Further growth for all of us

With less then three months to the introduction of the euro, Malta is in an advanced stage in its preparations. Although we achieved this goal and reached all the required criteria, we must continue to work on the set targets, which are fundamental for economic success in today's competitive and globalised world.

Our country is at the doorstep of another massive leap forward in our economic and political history by joining the second largest world currency. This will continue to boost the successes achieved since joining the European Union. Over the last three years, we grew at every level be it competitiveness, employment, foreign direct investment, financial services and high-quality manufacturing, tourism and the maritime sector; all sectors producing higher quality jobs for the Maltese people.

The high level of our educational system is attracting quality investments because it is supplying a capable and professional workforce for future challenges in the various industrial sectors.

Malta's increase in competitiveness has resulted in thousands of new jobs. A study carried out by Eurostat shows that employment in Malta over the past 12 months rose by 3.1 per cent, double the average increase registered in the 27 EU member states. New quality jobs in sectors such as pharmaceuticals, aeronautical engineering, the financial services and IT.

Our accession to the EU is a guarantee of high quality in the services provided. Our standards, together with our geographic location, are presenting opportunities that could make our country a centre of excellence in various areas.

Last July, our hard work to reach the ideals and targets enshrined in the convergence criteria were rewarded when we were given the green light to adopt the euro this coming January; a milestone that proves our country's sound economic principles and good governance.

Receiving praise for the hard work from all EU institutions is no joke. Managing to reach all the Maastricht criteria in three years and attracting a lot of investment confirms that our economy is growing.

These results are proof of Prime Minister Lawrence Gonzi's effective leadership. A leadership that has guided our country to be among the first three, since the 2004 enlargement, to join the euro club.

The path to reach these criteria was not plainsailing. Malta, like other countries, faced various obstacles in reaching these targets. These international challenges include the upsurge in the price of oil and the transfer of investments to emerging economies. Notwithstanding these difficulties, the economy has actually grown in real terms while unemployment has fallen.

The introduction of the euro must continue to be a process for advancing our standard of living and quality of life. This is being assured by the information campaign carried out by the NECC, an exercise aimed to familiarise our society with the new currency.

Jean Claude Trichet, president of the European Central Bank, has once again praised the efforts made by the NECC in keeping society informed. Last Monday, while on a visit to Malta, he said: 'The preparation for joining the single currency has been exemplary, as has been the information campaign mounted by the National Euro Changeover Committee".

The euro will promote further macroeconomic stability while at the same time encourage more investment both in eurozone countries and in the rest of the world. The opportunities presented to us with the introduction of the euro will open up new avenues for growth.

The euro offers the prospect of enhancing our economy to grow further and faster. The European currency will eliminate exchange rates and currency convergence costs that should result in an increase in trade, while the low interest rate and inflation environment of the eurozone should reduce business costs.

The introduction of the euro is expected to translate into higher credit ratings and improved investment prospects. International credit rating agencies already rate Malta very high: Moody's investors service puts Malta at an A2, A by Standard & Poors Corp. and A+ by Fitch ratings.

The results we achieved until now and the opportunities that will be presented in the future are fruit of a vision and the determination in facing global challenges affecting our country.

Our government, thanks to a structured vision and a well-planned programme, is on the right track to achieve more successes for country and citizens.

Mr Casa is a Nationalist member of the European Parliament.

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