The most influential MEPs were often those who acted on a European dimension and then used such influence to advance the interests of their electorate, according to Peter Agius, the head of the European Parliament Information Office.

Mr Agius also said that at national level, the possibilities of national scrutiny of EU law should be better utilised, whether through national parliaments or consult-ation with civil society.

He was speaking during one of a series of information events being organised by the European Parliament Information Office.

During the round-table debate about financial services a number of topics were discussed, such as whether tax policy provided small jurisdictions like Malta with the only possibility of gaining competitive leverage and whether the protection of the sector justified MEPs defying their peers within their political groupings in the European Parliament.

Malta has opposed proposals for a Financial Transaction Tax (FTT) and a Common Consolidated Corporate Tax Base (CCCTB).

“The FTT will simply force firms to move out of Europe to avoid the extra costs. It should be seen in a global perspective, where the EU is losing out to other major competitors in the financial services industry.

“The CCCTB also eradicates Malta’s only edge in the market, obtained through a solid regulatory framework and adequate tax incentives,” argued Austin Demajo from Grant Thornton.

There seemed to be a consensus in this regard among PL and PN MEP candidates at the debate.

“We should be proactive in protecting our interests. If need be, we should not feel bound to positions taken by our respective political groups,” said PL candidate Cyrus Engerer. He was reacting to Alternattiva Demokratika’s Arnold Cassola, who defended the Greens’ position on the matter.

“The FTT exempts SMEs, and therefore most Maltese operators would not be affected. Pension funds are equally exempt. We are in favour of these taxes as they aim to counter speculation,” Dr Cassola maintained.

PN candidate Ray Bugeja emphasised the need for better self-regulation and called for decisions to be driven by technical expertise. He echoed PL’s Ivan Grixti, who added that investor education was key to ensuring the appropriate level of consumer protection.

“Our involvement in the debate leading to the elections should be an educational exercise in itself,” Mr Grixti said.

Kevin Cutajar, a PN candidate, referred to the problem of over-regulation. He said that for a proper balance to be reached, MEPs needed to consult regularly with representatives from industry as they were the ones who ought to push the specificities of Malta to be taken into consideration when decisions were taken at EU level.

In this regard, “the consumer is an integral actor and his voice should be strengthened,” Dr Cutajar said.