Malta expects the European Commission to better monitor state finances as better sifting would prevent what happened to Greece from being repeated, Prime Minister Lawrence Gonzi said this morning.
His comments came a day after the European Commission proposed reinforced economic governance in the EU.
Speaking during a business breakfast organised by the Nationalist Party, Dr Gonzi said that the European Commision’s objective analyses, informing countries about the good and bad in their economies, would also be beneficial to Malta.
The crisis in Greece, he said, was partly due to the financial crisis which then developed into an economic crisis when Greece, and possibly other countries, forked out financial packages for the banks, which they could not afford.
In view of this the government had to continue insisting on better monitoring and there were discussions at EU level for more effective monitoring.
On the blacklisting of companies caught offering bad working conditions to their employees, the Prime Minister said this was government policy and whoever tendered for a public contract had to prove that the employees enjoyed good working conditions.
Turning to Vision 2015, Dr Gonzi said this was no longer a vision but a work in progress.
Malta was recently mentioned by the Financial Times as a first division for financial services. What worried him was whether Malta would be able to provide enough human resources for what it was able to create.
Replying to a question by the general secretary of the Union Haddiema Maghqudin Gejtu Vella on whether unions were going to be part of this vision, Dr Gonzi replied in the affirmative saying that the country did not only need the unions on board but also all workers.
With regard to the female participation rate, Malta was doing well in the under 30 age bracket but it was still behind for the 30 plus age.
Notwithstanding this, the government was taking initiatives and had launched income tax incentives and incentives for employers. It was also transforming the economy into a services oriented one.
In reply to a comment by GWU general secretary Tony Zarb on the possibility of the forces of law and order joining trade unions, the Prime Minister said it was not the trade union membership that was the stumbling block but more whether the requests these forces were making could be acceded to.
Indirectly referring to the power station extension contract, Dr Gonzi on several occasions referred to the challenge for Malta to provide constant electricity and the need for good data connection linking Malta to the rest of the world.
These, he said, were the key to Malta’s success and competitivness.