Scicluna demands financial safeguard for Malta in treaty change
Labour MEP Edward Scicluna today demanded that a new EU financial stability mechanism paid for by all Eurozone countries "must come to their rescue in a time of economic crisis".
Prof. Scicluna was speaking following the publication of his report on the proposed treaty change that will establish a permanent financial stability mechanism to protect the eurozone.
"It is incomprehensible that any member state would be excluded from receiving financial assistance from a mechanism to which it has contributed. Yet under the proposal treaty change agreed in December by all EU leaders, including Malta's, this precise scenario could happen."
Prof. Scicluna and Jean-Paul Gauzès are Parliament's co-rapporteur's for the Economic Committee's report on the implications of the proposed treaty change, and today released their report which amends the proposed council text.
They have agreed to include a reference to "member states whose currency is the euro" to ensure that small countries like Malta would not be excluded from receiving financial assistance from the mechanism.
Prof Scicluna said:
"That the Finance Minister does not even want to consider this safeguard for Malta, on the pretext that such a situation is unthinkable, is both highly unwise and short-sighted.
"If the European Union is changing its own treaty to create a safeguard for the eurozone as a whole, why should Malta's own government ignore the need to safeguard Malta's interests".