Bishop's economic advice proved right

Is it about a year ago that some newspapers reported the visit of the Bishop of Gozo to a financial institution. In one of the reports, if my memory serves me right, Bishop Mario Grech admitted that he was no economist but still, the principles he enunciated, not being the fruit of his studies of other wise men but rather the perennial principles brought current for the men and women of today, had something worthy for consideration by people in banking and finance.

Time proved him right. For from economic gurus down to other prelates and commentators (perhaps with a sharper wit than our Maltese self-regarded primadonna journalist, who writes in a rival English daily) have admitted that the international recession is due to disregard of ethical principles in the marketplace!

To my mind, the Gozo Bishop's advice should be taken holistically. Hardly had a weekly sharptongued, perhaps less sharp-witted, columnist criticised Mgr Grech's utterances for advising thrift, than the self-same European Commission announced that for Malta's fifth anniversary of accession to the EU its birthday present would be a probable censure motion on our country's increasing deficit, undoubtedly brought about by more state spending than revenue generated!

The massive defaults rocking once-solid economies are due in no small measure to excessive borrowing, or the more sophisticated termed "leverage" and the culture of spending beyond our means.

An admonition repeated year in year out by our country's incumbent on the Board of Governors of the European Central Bank, no less.