Martin Luther King once said the “the ultimate measure of a man is not where he stands in moments of comfort and convenience but where he stands at times of challenge and controversy.” This statement has achieved new significance in view of the constant test politicians around the world are being faced with today.

There is no beating around the bush. Just like no one, be it a family or individual, a large or small private enterprise, can live beyond one’s means, a country cannot either. This has been tested over the past two years when we heard of unprecedented cases of a European state having to be bailed out in order to be able to survive economically.

There should be no controversy in agreeing on the fact that the world is facing one of the worst economic crisis in generations. This economic crisis isn’t just about the collapse of banks, which is catastrophic. It is not about issues related to mortgages, which hurt. It has seen the value of the wealth of the people evaporate. It has seen currencies dissolve and, above all, it has seen jobs being lost. We are also being faced with rising prices of commodities, whether food or oil.

This festive season, which just has passed, might not have been the best for millions of families across Europe as high unemployment rates across the continent mean 23 million people are without a job. We too have our own individuals looking for a job. Every person without a job is important for us and this is why our main efforts have always focused on the protection and the generation of jobs.

Twelve months ago, over 4,000 families spent their festive season in uncertainty because the future of companies like ST, Methode, Trelleborg and Stainless Steel Products and many others was bleak. This year, their Christmas period was possibly a very busy one, having to work shifts and overtime. We’ve worked hard to lure existent companies to continue to invest more and generate more jobs. The expansion of Lufthansa Technik, the new SRT venture and investments in factories and hotels and the establishment of new businesses is there to be seen by everyone.

This happened while in Greece, Spain, Ireland, Portugal, the UK and elsewhere, employees are being forced to make do with lower wages, reduced pensions and social benefits, higher University fees and, above all, higher unemployment. In Malta, we are still managing to sustain and improve our social commitment while retaining one of the lowest unemployment rates in Europe. Let us not take all of this for granted.

The opposition took the people to the streets because it claims the increase in fuel prices will be partially eating away the cost of living increase for this year, calling the government insensitive. But, ultimately, how is this increase worked about? First of all, the increase reflects last year’s cost of living. The mechanism in place was set with the social partners and, to my mind, the Opposition Leader defended it when there were calls for its removal. So what is the opposition’s solution? What will Joseph Muscat say he would have done differently?

Maybe, to take a leaf out of this year’s panto, we might see a re-enactment of the prince charming Joseph, who only cared about being loved more than Count Gonzi of Castille and, as such, he promised to the people all they wanted to hear, without saying how he would achieve it. I don’t know whether this pantomime approach towards politics is symptomatic of how socialists in opposition try to win power.

What the socialists did in Greece to win elections three years ago (similar to what Alfred Sant did in the run up to the 1996 election) was to take the people in the street and tell them they will get more goodies in a different way. But no real way was defined. The people believed them and what we have today is known to all. Today, the Greeks cannot afford to pay their wages, their social benefits, their subsidies and more, what for years successive political parties promised to deliver irrespective of the state of the economy.

I will not fool people. No government can support fuel pump prices and we cannot afford to increase taxes. We need to continue cutting our deficit and public debt. However, we have to avoid the risks of falling into the trap other countries have found themselves in.

Over the past decade, we were inundated with challenges, we were there with you, not necessarily on the streets protesting but making every effort to go through this patch unscathed while others abused their convenient position promising everything to everyone without the courage to explain the inconvenient truth: how things are and the realities we are facing.

The author is Minister of Finance, the Economy and Investment.