In the wake of a global economic crisis, it comes as no surprise that two of the world's most influential leaders, President Barack Obama and Prime Minister Gordon Brown, have openly professed an element so indispensable in the healing process of regenerating economic growth, freedom and a new way of life. Both have referred to awaken the "simple" virtues which once formed the backbone of a thriving economy.

In his inaugural address, Mr Obama voiced the memorable words: "Our challenges may be new. The instruments with which we meet them may be new. But those values upon which our success depends - hard work and honesty, courage and fair play, tolerance, loyalty and patriotism - these things are old. These things are true. They have been the quiet force of progress throughout our history. What is demanded is a return to these truths."

The same tone was echoed by Mr Brown in his recent visit to the Pope. In his own words he said: "I talked about the need for simple virtues being at the centre, not just of family life and our society and communities, but also at the centre of our economic life. The only successful economy in the future will be one that values hard work and effort and responsibility and enterprise but chooses not to reward irresponsible risk-taking and excess."

Indeed, social stability contributes towards economic success. The government must not be trapped into believing that stimulating economic growth is simply a mathematical formula. As Cardinal Renato Martino, president of the Pontifical Council for Justice and Peace, put it during a press conference in Chile "The economic crisis is perhaps a sign that the world is not made only of bills, money and the economy... The economic crisis serves as a reminder that the human person must be put at the centre of the whole of world economy...It is because of this that the integral vision of the human person must never be lacking in the praxis of Christians in society, in the realm of work, economy, politics, culture, of efforts to build peace".

I sometimes wonder whether the global economic downturn is a blessing in disguise. Sometimes we have to be cornered to come to terms with ourselves. Just as much as America and Great Britain had to be plagued with a dwindling economy and massive anti-social behaviour to come to terms and renew their policies. The nations' desires and aspirations must be re-examined in the light of what really gives meaning and creates value such as healthy families, responsibility in market behaviour and social stability. The market is vital indeed, but it has an essentially social function..It can only function in an ethical and judicial framework where the vulnerable are protected and the natural arrogance of the powerful is curbed.

Malta is obviously not immune to the global economic crisis, no matter how much we try to hide our heads in the sand and try to think otherwise, and it seems that it will be our companion for some time. But shall we succumb to the forcing winds and threats? We will succumb only if we refuse to embrace our strong Christian convictions and virtues inherited from our past generations. Yes, we are at war. Not against a "far-reaching network of violence and hatred" as Mr Obama put it, but against what always made our beautiful island an island of peace, an island grounded in sound family values, an island grounded in hard honest work and a decent profit, an island conscious of its social responsibilities.

Although we are small, we have to do our part in converting the model of global development to a model which safeguards values and moral ethics, which safeguards the simple virtues of honesty and truth, which safeguards the environment and energy.