A Brexit would not spell the collapse of the EU project and the UK would come out as the biggest loser, according to former finance Minister Tonio Fenech.

Insisting he was against a Brexit, the Nationalist MP said the UK would go through a difficult period if it were to negotiate its way out of the European Union.

Meanwhile, if it secured its position within the single-market following a Brexit, the UK would have lost its voice when it comes to influencing new directives that impact the single market.

Dr Fenech was addressing a public discussion about the impacts of a Brexit, organised by the European Parliament Office in Malta and the Strickland Foundation.

On June 23, the UK will decide between continuing its union membership with modifications or withdrawing from the EU, through a national referendum. 

Most of the speakers at the debate urged UK citizens to vote against a withdrawal, noting that the challenges of a Brexit would spill over to other EU member states.

Dr Fenech said that member states wanted the UK to remain within the EU, as it brought a much needed balance to discussions, especially those related to the economy which were usually dominated by three main powers – the UK, France and Germany.

In a recorded message, former Commissioner Tonio Borg said that ideas such as liberalism and a free common market - which were pillars of the EU - would be dealt a "blow" if the UK were to leave the union.

Meanwhile, Parliamentary Secretary Ian Borg expressed concern that negotiations for Brexit would be time-consuming and could divert attention away from more pressing issues such as security and migration.