The future of Malta’s burgeoning financial service and gambling industries are expected to dominate discussions to be held tomorrow between the government and the EU’s Internal Market Commissioner Michel Barnier.

Mr Barnier will be on the island for 24 hours and will hold talks with Finance Minister Tonio Fenech. He will also be meeting important stakeholders connected with the internal market, sources close to the European Commission told The Times.

The French Commissioner is considered to be one of the heavyweights in the Barroso Commission, with overall responsibility for financial services regulation and banking – the topics currently dominating debate in the EU alongside the state of the economy.

He is also the architect of controversial Commission proposals to levy taxes on the profits of major banks and on financial transactions. The latter is a measure opposed by Malta and a few other member states if not implemented on a global level.

Malta has seen its financial services flourish over the last few years, with the industry employing hundreds of Maltese high-end professionals as dozens of investment funds were registered on the island.

The island has also become the second most important European player in the gambling industry and has been resisting regulation by Brussels over this sector.

Mr Barnier will also be attending a special session of Parliament’s European Affairs Committee to discuss legislative proposals put forward by the Commission on the Single Market, following a suggestion made by Labour MEP Louis Grech.

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