Labour MEP Prof Edward Scicluna has been appointed shadow rapporteur on a European Parliament report on global economic governance by the Social Democrat group in the EP.

He has already been working as one of the socialist group negotiators on six reports to reform the governance of the eurozone following the recent financial debt crises in Europe.

"We cannot look at the eurozone or national economies in isolation. Our economic performance will always be within the context of the global economic outlook. Global imbalances are still a threat to economic stability the world over," Prof Scicluna said.

Commenting on recent tensions between the United States and China and threats of currency devaluation and trade disputes, Prof Scicluna said:

"These are turbulent economic times. We have the risk of trade and currency wars between the United States and China, and many countries are struggling to cope with debts and deficits incurred as a result of the global recession."