Editorial

That was the year that was; and what a year it was! Can it be called the year of the rollercoaster? Or perhaps should it be remembered as the year that left nothing the same?

It was the year of the financial and economic crisis. The financial giants of yesterday are almost names of the past. The bubble has burst. Egg is all over the face of so many "respectable" financiers and gurus. Wall Street is like a four-lettered word. The real losers, though, are the people living on main street: pensioners, workers who sweated to save for a rainy day; charities, the middle class. The message of the crisis is loud and strong: economics without ethics are like bodies without souls.

But have we learnt the lesson? The world's strongest economies are in recession. Most probably, during 2009 we will still be in the doldrums. Some say the worst is not over yet; we have still to go a long way.

The year 2008 can also be called the Year of the Man who has come a long way: Barack Obama. In a short period of time he transformed himself from a relatively unknown senator to the world's most powerful man. His victory was the triumph of a dream and a vision. The cold wind of reality will start blowing later this month. Millions will wait and see while hoping that the dream for change comes true.

In Malta, people opted for continuity more than change. The general election was won by the narrowest margin possible. It was not won by a political party but, in United States fashion, it was won by a man: Lawrence Gonzi. People loved him and trusted him. Since his re-election a lot has happened. The rent reform, the transport reform and another phase of the reform of the educational system are in various stages of progress. The privatisation of the drydocks is much more advanced than anyone thought it could ever be. The economy is still resisting the international onslaught. While other economies are in recession, Malta's is still registering some growth. The great innovation at the beginning of the year, the euro, came just in the nick of time.

The increase in the water and electricity rates was the kind of growth no one liked. The whole issue was somewhat mismanaged and even threatened the process of social dialogue. The year ended with a sharp reduction in the cost of fuel and now the people are expecting that the next one will begin by a reduction in the utility bills as well!

This controversy brought with it the trade unions together for a short while. But the dream of forming a trades union council turned into the nightmare of a schism within the Confederation of Malta Trade Unions.

The Labour Party, now formally calling itself Partit Laburista, finally read the signs of the times and opted for an internal change. The choice of former MEP Joseph Muscat over George Abela was a controversial one though one must hasten to add that Dr Muscat has covered a lot of ground in a very short time.

He is doing quite well in his attempt to impress people that he wants to build a different party. A lot still has to be done.

The Times sincerely augurs that during 2009 the nightmares of 2008 will wither away and that its dreams and promises will blossom.

A very happy and prosperous New Year to all.