As a Keynesian, I almost feel duty-bound to congratulate the Governor of the Central Bank on his objective assessment of our economic performance since we joined the euro area in 2008.

There was no knowing then the extent of the ‘Great Recession’ starting barely a year later, particularly its long-lasting painful effects on quite a sizeable sector therein.

But not for Malta the ‘dismal’ science! The Governor showed clearly how, through the right kind of restructuring, our economy deservedly earned for itself the ‘resilient’ description. Were it not perhaps for the unfortunate weak management of the sovereign fiscal deficit, the economy could have merited the appellation of ‘near-optimal’.

Just think that today we are performing at a level 12 per cent higher than pre-recession: quite an achievement, especially considering that we didn’t need to impose any ‘internal devaluation’ to speak of.

Of all the governor’s recommendations to the eurozone, I single out his emphasis on demand-side economic measures as probably the only way to alienate the risk of any deflation with its horrid effects on unemployment – a Keynesian nightmare.