With the festivities over, the European Parliament has a full schedule awaiting us, especially with the not so positive economic prospects for the year 2012. The leaders of Europe have expressed their growing concerns and the general message is that we have to buckle up for the bumpy ride ahead.

With the future so uncertain, implementing a culture of financial discipline within society is vital- David Casa

When the euro was launched 10 years ago, few would have anticipated the turmoil we would find ourselves in a decade later. However, this does not mean to say that the introduction of the euro is to blame for the prevailing economic and financial situation.

The lack of accountability and loose fiscal policy are, in my opinion, the major culprits of this situation. Had the euro not been introduced, the financial crises in member states could be much worse.

This year is a test for the eurozone and for the European Union as a whole. It is during crises like these that we have to prove ourselves strong. It is in these situations where we have to put the principle of solidarity to the test.

The EU has so far survived many tests and I am sure that this difficult moment will be overcome too. However, we cannot be complacent and we must be fully aware that the risk of collapse would have catastrophic effects not only on the economy but also on our social life. We must, therefore, tread carefully and ensure that all we have achieved so far is protected so that when the storm is over we can continue to build on it.

During his New Year address, President George Abela stressed on the importance of instilling a saving mentality. In these turbulent times, this is the wisest message one could send to society.

While acknowledging the fact that our society has become needier, we have to go back to our roots and start to prioritise again. Careful planning is a must, not only for governments and businesses but, maybe even more importantly, for our families.

Whether we want it or not we are affected by all that happens around us and, hence, it is essential that we adapt to the situation. With the future so uncertain, implementing a culture of financial discipline within society is vital.

As a nation, Malta was well prepared for this crisis even though at times the decisions taken by the government were deemed unpopular. Thanks to these measures, today we are much better off than countries that at the time had decided to sweep their problems under the carpet.

As I have mentioned before, this turbulence has been very testing. The EU was rocked at its foundations and the bailouts to Greece have shown that European solidarity is still strong.

We are all in this together. However, people and, indeed, countries must learn from these mistakes and ensure that they are not repeated. What happened to Greece and to countries like Spain and Portugal are clear examples of bad economic governance and the EU has the right to use the tools at hand to ensure that such practices are abolished once and for all for the good of its 500 million citizens.

Needless to say, we were also very heavily affected by the events in North Africa last year and it is also our duty to help our neighbours in the south find the way to sustainable democracy. We have said many a time that the road is long but we must not be disheartened. These people had the courage to fight for their rights and now they look up to us for a helping hand.

The year ahead of us will undoubtedly be full of challenges and uncertainties but one thing is certain. If Europe is united in its decisions it will grow and emerge stronger from this turmoil. What lies ahead may be bumpy but we have to go through the journey together otherwise we will lose all we gained over the past six decades.

Mr Casa is a Nationalist member of the European Parliament.

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