It does seem to be true - there is no cloud without a silver lining. It is hard to find one in the way the euro bloc seems to be in the grip of a massive earthquake, threatening to unravel all that went into the construction of the euro. Yet respected economists are arguing (most recently in The Financial Times of London) that there is more to the depreciation of the currency than meets the eye.

The exchange value of the euro against the world's major currencies is dropping like a stone. A crisis which began in Greece, which contributes only around 2.5 per cent to the eurozone's Gross Domestic Product, is spreading far and wide. It is currently sweeping Spain, whose credit rating has been reduced. It is reawakening fears of collapse in Ireland, despite that country's early measures to cut public spending and reduce the fiscal deficit.

Another small country, Portugal, is also in the firing line. One of the biggest countries in the eurozone, Italy, is having to take drastic measures to try to start reducing its fiscal deficit, hot on the heels of ill-thought-out boasts by Prime Minister Berlusconi that the country he leads is in good form.

So what's good about the euro's fall? Simple economics provide the reply - the eurozone's exports are becoming cheaper relative to countries whose currency is appreciating. That will not affect intra eurozone trade, which is the largest slice in the single market. But there are still substantial exports to non-euro countries which have been under pressure because various economies in the eurozone have been losing their competitiveness.

The decline in the euro's exchange value will help to restore it. Leading economists, in fact, are arguing that the European Central Bank should not intervene to try to shore up the currency. Instead, say these economists, it should pare interest rates to the bone to let the euro depreciate further, even targeting parity with the US dollar, to bring the drop in value, already over 10 per cent this year, closer to 30 per cent.

Sounds mad, yet it is anything but. Most countries in the eurozone desperately need to become much more competitive. A weaker euro obviously helps them do that. It helps Germany, too, which is the strongest exporter in the eurozone. The hope is that the Germans, while exporting more, will also consume more and take more imports from their euro zone trading partners.

The collapse of the euro is seen as a boon for Greece, even though its exports are mainly invisible. Tourism accounts for no less than 70 per cent of that economy's exports. That part of its tourists who come from outside the eurozone should increase.

Malta, too, stands to benefit. The pound sterling, though weak overall, has appreciated relative to the euro. That makes Malta a cheaper place than it used to be for travellers from the United Kingdom, still our largest market. Still, there is no room for complacency. Competing eurozone destinations - think, principally, Cyprus - are enjoying a similar benefit.

It is essential, therefore, to take the opportunity to rethink our tourism package as much as possible. We need to highlight our advantages more than ever before, while at the same time ensuring that they do remain advantages and are not diminished, or even destroyed, through unsustainable development.

We should also see what can be done to enhance the attractions of the Maltese Islands. One area which offers potential that has hardly began to be exploited is that of village tourism. Granted, sightseeing buses are taking more tourists around our islands, wandering away from the roads on the sea peripheral into our countryside and the villages that dot it.

By itself, though, that is not enough. Every village has something to offer, cultural or traditional. Local councils are being encouraged by the Parliamentary Secretary for Tourism to exploit the potential inherent in their areas, building on what he pithily terms as their authentic feel. Village cores need to be safeguarded against development which destroys their character. Instead, where necessary they should be restored and enhanced.

These efforts might come to nothing if travel agents and tour operators do not play their part. The recovery in the tourist inflow seen in the first five months of this year, plus the increase in our competitive advantage against, say, Egypt and Tunisia through the decline in the euro's exchange value, offer a breathing space during which the industry can take fresh initiatives, backed by the Malta Tourist Authority under its new leadership.

The opportunity should not be lost. All those involved in the industry should understand that and not fail to do their bit. Pressure on the government to protect the environment, do up our roads, keep Malta clean, supply the Malta Tourism Authority with more resources, coordinate the work of different ministries better to focus on making Malta a better place to be in, for us all and for our guests too, are all well and good. There should be no letting up of pressure.

But the government is not the only player in the field. The rest of us have to chip in as best as we can.