A special MCESD meeting has been requested by the Malta Chamber of Commerce, Enterprise and Industry to discuss the outcome and implications of the recent European Union summit when 26 EU States agreed to sign up to a fiscal compact agreement.

President Tancred Tabone communicated with the MCESD chairman earlier this week requesting that all social partners are briefed on the prevailing situation, possibly by the Prime Minister.

The Malta Chamber stated that the emerging situation was bringing about an evolution of the EU in general and the euro-area in particular.

The decision to implement a tighter fiscal regime in the euro-area is bound to have implications on the fiscal flexibility of the government as well as on the future of the financial services sector.

"It is important for business to know first hand what developments are taking place to be in a position to plan adequately and alter business strategies accordingly" said Mr Tabone. "We feel that the gravity of the situation is such that a direct dialogue with the Prime Minister himself is required," he said.

In the past months, the Chamber has been closely following the unfolding situation both through the Malta Business Bureau office in Brussels as well as through its representative in the European Economic and Social Committee. It has also actively participated in MEUSAC where it was informed of the various positions taken by the Maltese government.

Mr Tabone said: " We need to be fully informed of what is taking place at an EU level. This will help us as social partners to prepare common positions aimed at safeguarding our competitiveness and attractiveness to investors."