Speaker Michael Frendo is calling for MPs to set up a parliamentary committee for financial and economic affairs and to do so “urgently”.

With the EU playing an increasing role in ensuring financial stability, Parliament had to have a specific committee where important changes were discussed, he explained.

“Consider this to be of an urgent nature,” Dr Frendo said, noting that Parliament was the only such institution in the EU that did not have a specific committee on the matter.

During a meeting of the House Business Committee this week, Dr Frendo even presented a memorandum outlining the rationale behind his proposal.

The committee would have different functions from the Public Accounts Committee and Dr Frendo also included a draft Standing Order for MPs to consider.

A parliamentary committee can only be created after MPs approve a resolution to that effect.

The Opposition and Government MPs present in the House Business Committee indicated there should be no issue in taking up the Speaker’s suggestion.

But they had to discuss the matter with their respective parliamentary groups.

The Speaker also presented MPs with another memorandum on handling parliamentary petitions from the public.

Today there are no rules that determine what happens to a petition whenever one is presented in Parliament.

Dr Frendo is suggesting the procedure be formalised and a 90-day deadline included by when the petition organisers should expect a reply from the Government.

“In Parliament’s long-term interest as an autonomous institution, I ask you to consider it,” Dr Frendo said. The detailed memoranda that included examples from parliaments around the world were not published, pending a discussion within the respective parliamentary groups.

ksansone@timesofmalta.com