Despite the euro
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Despite the euro

There cannot be any doubt that the euro benefitted such a small country like Malta, as explained by Lawrence Zammit on the occasion of the euro’s 20th anniversary (January 4). However, other important factors have been responsible for our present buoyant economy with hardly any unemployment. These include our second official language, English, an international language linked to Anglo-Saxon business practices, very low taxation of certain ex-pat companies and ex-pat individuals as well as a low wage and low pension working environment.

When one hints to central and north Europeans what even the maximum Maltese social security pension amounts to, they initially think the annual figure quoted is the monthly payment. Then, their misunderstanding is corrected, they realise what a pathetic pension system we have. They think it is a joke. Yes, a sick joke, particularly when a much-vaunted pension increase amounts to €2.33 weekly.

We also have expanding food banks and property prices totally unrelated to wage levels. So it is not all that rosy for everybody – in spite of the euro.

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