It is clear from the evidence presented by the Maltese instigator of the joint ad hoc seven-man delegation “mission report” of the European Parliament that it consisted essentially of political allegations dressed up as evidence of the collapse of the rule of law in Malta. It was a travesty motivated by political, not objective criteria.

I wholeheartedly reject those people who turn up the volume about corruption and the rule of law in this country as though the implications of Panamagate were any different in degree from Oilgate three years before (still winding its way through the courts), or our knowledge at broadly the same time of a whole generation of Nationalist ministers who had money stashed away in Swiss bank accounts.

Those who do so are politically dishonest and wilfully selective in their evidence. Maltese hypocrisy – the claim to moral standards to which they do not then conform – is part of the DNA of politicians of all stripes, but seems to affect my Nationalist friends in opposition especially.

Instead of exercising control and maintaining a sense of proportion about the implications of the Panama Papers, the Nationalist leadership in 2016 and 2017 – aided, abetted and poisoned by bloggers with an agenda, and carried forward with gusto on the international stage by Nationalist MEPS – has led slowly but surely to Malta’s name being dragged through the dirt on the world stage.

The murder of the investigative journalist involved has given rise to the most spectacular and unproven conspiracy theories. Scoring political points, as the PN leadership here and in Brussels, Strasbourg and elsewhere has done, is one thing. But undermining the industry – as it has undoubtedly also done – which accounts for about 20 per cent of Malta’s GDP and hundreds of jobs in law and accountancy firms and financial services is quite another.

Maturity, balance, prudence, a proper sense of proportion and an acute sense of responsibility were demanded of these leaders and they have been found wanting. They have risked throwing out the financial services baby with the bath water.

Some PN apologists seem prepared to act as though – “ashamed to be Maltese” as they declare – they don’t give a damn about bringing down the whole structure around them so long as they bring down the government too.

When I first exposed this flawed Euro-parliamentary report for the politically motivated farrago it was, I said that it was insolent to suppose that Malta could not take the actions needed to tackle the weaknesses which the last appalling two years since the Panama Papers story broke have exposed.

The Maltese government has to respond to the international concerns that have been raised. Unless it acts in a determined manner to counter the misleading and exaggerated image which has been spread about this country by some Maltese MEPs, its moral capital will continue to be undermined by those currently trying to do so. The long-term social, political and economic consequences will be severe.

The separation of powers between the executive, the legislature and the judiciary exists only on paper. The prime minister has effective ultimate control

The Prime Minister must show that for all the long-standing governance faults which have been endemic in Malta both in his administrations and during the last 50 years, we are capable of taking the steps necessary to deal with them.

First, he must immediately establish the long-promised Convention on the Constitution. This is fundamental to everything else. The matter must not be allowed to fester any longer.

The absolute focus of the convention must be placed on ensuring more effective checks and balances between the executive, the legislature and the judiciary; how the president should be appointed and how much power he or she should wield; should the powers of the prime minister and his cabinet be reduced; should there be a second chamber, or would an independent advisory body provide a better answer?

The kernel of the challenge stems from the accumulation of powers in the executive, and specifically the Office of the Prime Minister. The concentration of power in his hands is unhealthy.

The prime minister appoints the cabinet. The president acts on the advice of the cabinet. She wields no constitutional power. The prime minister has the effective last word on the selection and appointment of the president, who he can also remove because he controls the parliamentary majority.

The executive controls the legislature through its electoral majority. Every constitutional commission and institution, the Attorney General, the Security Service and others, and all top public officers are ultimately appointed by the executive. Members of the judiciary, the third arm of government are, despite improved processes, effectively selected and appointed by the executive.

The separation of powers between the executive, the legislature and the judiciary exists only on paper. The prime minister has effective ultimate control over all the levers of government. The need for greater checks and balances and more transparency and accountability of the executive is now paramount if the poor governance and maladministration to which this country has been subjected over the years is to be a thing of the past. We cannot just tinker at the edges.

Secondly, the legislative and administrative steps necessary for the prosecution role of the attorney general to be removed from his ambit and the establishment of an independent prosecutor general and prosecution service should not await the constitutional convention. It should be set in train immediately.

Third, the long haul of rebuilding and re-training the Malta police force – the front-line of the rule of law – must begin apace. Good leadership is the key to the efficiency and morale of any disciplined force and essential to its rehabilitation.

Fourth, the government must rebut conclusively any suspicion about the involvement of Malta’s gaming industry and financial services in money-laundering and financial crime by inviting independent scrutiny.

In parallel, the European Banking Authority should be invited to carry out an independent investigation into the practices and effectiveness of the Malta Financial Services Authority’s licensing of financial institutions to ensure that the risks of financial crime involving politically exposed persons are vigorously addressed.

If Malta is to come through this defining moment, the government must take bold, immediate actions to address the long-standing constitutional, legal and reputational challenges which this crisis has exposed. Malta has been placed on notice and the government must act.