(Updated with PM's comments)

Prime Minister told the EU meeting of heads of government last night that Malta will not subscribe to Country-Specific Recommendations (CSRs) made last month about a further raising of the retirement age and a restructuring of the COLA (cost of living adjustment) mechanism.

Speaking in Brussels, Dr Gonzi also said that Malta would await further details on proposals for closer economic and fiscal union and would not cede such powers to Brussels before overall agreement.  

The proposals include coordination of national budgets with the right for Brussels to intervene, the pooling of national debts and common fiscal policy including taxation.

Dr Gonzi said that Malta agreed with the general principles but wanted to discuss the fine details first.  

On the retirement age, Malta reiterated that it saw no need to raise the retirement age beyond 65 in the medium-term economic and demographic Maltese scenario.

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