Finance Minister calls for concerted action on the economy

Finance Minister Tonio Fenech said today that while one was concerned that the the current economic turmoil abroad could have a negative impact on Malta, wise and concerted action by the government and the social partners could enable Malta to successfully face the challenges and maintain economic growth.

Mr Fenech made his comment after attending an EU economic affairs ministers' meeting in Nice.

He said that Malta needed to keep up its pace of reform, raise productivity and ensure that competitiveness was not lost.

The meeting focussed on the international economic situation. The ministers agreed that their policies should be aimed at structural reforms to strengthen the European economy. They would also work with the social partners to ensure that salaries did not undermine competitiveness, and ensure that there was fiscal prudence to sustain public finances.

The minister was accompanied by, among others, Central Bank Governor Michael Bonello.