Jean Michel Carayon, senior vice president at Moody’s, a major credit rating agency, summed up the financial prospects of this year as follows: “We expect that downgrades will continue to substantially exceed upgrades in the coming year for both investment-grade and speculative-grade corporates.”

… voters … expect their representatives to put their political and personal interests aside when it comes to the national interest- David Casa

While certainly not much to write home about, Mr Carayon’s take on 2012 gives us a whole lot to think about.

What at first many thought would be the year in which economies rebound now seems little different from the last. If it does indeed turn out to be different, then the likelihood is that the economic climate will worsen rather than ameliorate from last year.

Unless extreme caution is exercised by the government we risk being pulled in along with every single one of our southern European neighbours.

So far we have been able to remain resilient throughout the crisis by way of a prudent fiscal policy and by taking the necessary measures as soon as the storm started to brew. But this does not mean that we can now sit back as, one by one, our neighbours fall prey to the worst recession that has hit Europe in four generations.

While credit rating agencies attempt to forecast these scenarios and their effects on public finances, it is the responsibility of governments to restore stability and see to it that economies return to growth.

What is certain is the fact that Europe, as a union, needs stronger economic governance. We need this to coordinate and place checks on member states’ fiscal policy as well as to ensure transparency at all stages.

In the present situation, for many member states, even maintaining the budget deficit at its current rate would count as an achievement. This is not much to hope for but it is a necessary step in restoring financial stability. Without this, economic growth would be difficult.

The crisis can, however, be overcome so long as European governments get their priorities in line. We have to understand – hard though it may seem – that bailing out countries like Greece, Spain, Portugal and Ireland will be a step forward in stronger economic governance. Provided, of course, that every country sticks to the borrowing rules set down by the European Union. Once governments reign in debts and deficits and the financial situation stabilises, market confidence in the eurozone should return.

Many European countries are unlikely to escape a recession. There seem to be few alternatives to a period of economic contraction following an unsustainable stretch of fiscal expansion. What Europe can do is ensure that the recession in countries like Greece and Portugal will be as short-lived as possible. We all have an interest in ensuring that they get back on their feet sooner rather than later.

There is, however, one other aspect that is indispensable in considering this picture – national unity.

We have seen countries like Italy, whose politicians are renowned for their bickering and squabbling in Parliament, take very politically mature steps. They agreed, in the national interest, to a technical government headed by Mario Monti in order to restore financial and economic stability.

We have seen similar cases in other countries where the government and the opposition parties put their ideologies aside in order to help save their country from collapse.

Few people expect all politicians to be selfless in everything they do but voters do expect their representatives to put their political and personal interests aside when it comes to the national interest.

It is unfortunate that in our country political maturity falls short even of this rather basic standard. We have an opposition that instead of offering a helping hand to the government, which would be clearly in the national interest, is going out of its way to trip up the government.

Few harbour any illusions about the Labour Party’s motivation in doing so. It is not without regret that I say that the opposition has yet again forfeited the interests of our country for its own purposes.

Politicians should at every stage of their career, but especially in times of need, put their country first and foremost. But the Leader of the Opposition is doing the very opposite. I would rather be writing this article in a different spirit and in a climate where the opposition is working hand in hand with the government. Unfortunately, we have not yet arrived at that much desired stage.

Many have argued and agreed that at this point we cannot afford to have political instability and, yet, this is precisely what the opposition is pushing for.

I hope that common sense will prevail in such a delicate time for Europe. I hope that, as one nation, we will work for one aim and that is to help our country overcome the difficulties that it faces.

When election time comes, in a year or so, then we will go to the polls. And, as in every democratic country, the people will choose their government and their leader. Until then, it is Lawrence Gonzi who is Prime Minister and all mature politicians should be lining up to offer their assistance to help weather the storm rather than working to derail the government.

Mr Casa is a Nationalist member of the European Parliament.