PERICLES
1stMay2005, 02:28
National strategy on Euro adoption published by Dorian Cassar, di-ve news (dorcas@di-ve.com)
http://www.di-ve.com/image-jpeg.dyn?imageId=181507
Maltese lira tagged with Euro at 0.429300 fixed rate
VALLETTA, Malta (di-ve news) -- April 30 2005 -- 1810CET -- Prime Minister Lawrence Gonzi has confirmed the Commission's late night announcement of the acceptance of Malta into ERM II on Monday 02 May. Dr Gonzi said that all conditions requested by the Maastricht treaty are being positively reached and the EU has accepted Malta's application.
PM Gonzi was addressing a press conference on Saturday early afternoon together with the Governor of the Central Bank Michael Bonello and Parliamentary Secretary Tonio Fenech.
Dr Gonzi reminded that upon the signing of the adhesion treaty and the accession into the EU, Malta has obliged itself to adopt the Euro. The Prime Minister said that a unique European monetary symbol brings along a number of advantages that polishes Malta's competitiveness, even since we are already integrated in the European market systems.
Adding on to the advantages list, PM Gonzi included the abolishment of expenses resulting from currency exchange, a direct control on prices and also a positive effect on the nation's credit rating. All these advantages make Malta more attractive to foreign investment, added the Prime Minister.
Dr Gonzi remarked that in the following two years starting today, Malta must make sure to implement initiatives and measures that would eventually ease the transition to Euro. He mentioned exercises similar to a two-price labelling tag on every product and service offered, aimed at estranging fiscal abuses.
"The decision the government took was backed with professional economic advices from the Central Bank and we in no way tried to hurry the process", said the Prime Minister. He added that the government had discarded the advice of rushing-up things to catch-up with the first group to join ERM II in June 2004.
The Prime Minister expressed his satisfaction on the process of aligning with the Maastricht levels, which was also positively noted by the ECOFIN, who are continuously analysing the measures and targets during fiscal periods.
On the following two-year period in the ERM II, Dr Gonzi emphasised that full secrecy on the process will be kept, as duly directed by the European Union. "Any speculations in such a delicate process may damage our nation", he said.
Finally the Prime Minister announced the publishing of a National Strategy on Euro adoption that will also incorporate a "Euro Change-Over Committee" made up of government and Central Bank officials that will spread-up into a number of specific working groups.
Joining the second group into ERM II on Monday with Malta are Cyprus and Latvia.
http://www.di-ve.com/dive/portal/portal.jhtml?id=181505
http://www.di-ve.com/image-jpeg.dyn?imageId=181507
Maltese lira tagged with Euro at 0.429300 fixed rate
VALLETTA, Malta (di-ve news) -- April 30 2005 -- 1810CET -- Prime Minister Lawrence Gonzi has confirmed the Commission's late night announcement of the acceptance of Malta into ERM II on Monday 02 May. Dr Gonzi said that all conditions requested by the Maastricht treaty are being positively reached and the EU has accepted Malta's application.
PM Gonzi was addressing a press conference on Saturday early afternoon together with the Governor of the Central Bank Michael Bonello and Parliamentary Secretary Tonio Fenech.
Dr Gonzi reminded that upon the signing of the adhesion treaty and the accession into the EU, Malta has obliged itself to adopt the Euro. The Prime Minister said that a unique European monetary symbol brings along a number of advantages that polishes Malta's competitiveness, even since we are already integrated in the European market systems.
Adding on to the advantages list, PM Gonzi included the abolishment of expenses resulting from currency exchange, a direct control on prices and also a positive effect on the nation's credit rating. All these advantages make Malta more attractive to foreign investment, added the Prime Minister.
Dr Gonzi remarked that in the following two years starting today, Malta must make sure to implement initiatives and measures that would eventually ease the transition to Euro. He mentioned exercises similar to a two-price labelling tag on every product and service offered, aimed at estranging fiscal abuses.
"The decision the government took was backed with professional economic advices from the Central Bank and we in no way tried to hurry the process", said the Prime Minister. He added that the government had discarded the advice of rushing-up things to catch-up with the first group to join ERM II in June 2004.
The Prime Minister expressed his satisfaction on the process of aligning with the Maastricht levels, which was also positively noted by the ECOFIN, who are continuously analysing the measures and targets during fiscal periods.
On the following two-year period in the ERM II, Dr Gonzi emphasised that full secrecy on the process will be kept, as duly directed by the European Union. "Any speculations in such a delicate process may damage our nation", he said.
Finally the Prime Minister announced the publishing of a National Strategy on Euro adoption that will also incorporate a "Euro Change-Over Committee" made up of government and Central Bank officials that will spread-up into a number of specific working groups.
Joining the second group into ERM II on Monday with Malta are Cyprus and Latvia.
http://www.di-ve.com/dive/portal/portal.jhtml?id=181505