Toespraak Barroso over Malta en de euro (en)

SPEECH/08/7

José Manuel Durao Barroso

President of the European Commission

A Day for Celebration and Congratulation

Welcome to the Euro Celebration

Valletta, 12 January 2007

President Fenech Adami,

Prime Minister Gonzi,

Distinguished guests,

Ladies and gentlemen,

I would like to start by thanking you for inviting me to share in this celebration. And what a magnificent achievement we are celebrating!

Just four years ago, Malta was still preparing for membership of the European Union. Who could have imagined that this country would place itself confidently at the heart of Europe so soon after accession?

Such a feat didn't happen by itself, of course. It is the fruit of years of hard work, and a firm commitment to sound economic policies and bold reform.

The Commission assessed in May last year these impressive achievements in convergence and concluded that Malta was ready to adopt the euro. The Commission recommended to the Council to decide accordingly.

Your ambitious plans for the practical aspects of the changeover to the euro, including the communication campaign, were an incredible success. I was particularly struck by your commitment to explain and train virtually all retailers in Malta on a one-to-one basis!

So I'd like to congratulate all those who have helped to bring Malta to where it is today. I am confident that it marks the start of even greater success in the future.

The euro area now stretches from the Mediterranean to the Arctic Circle. It covers 15 countries and nearly 320 million citizens. It is a strong, stable, world class currency that accounts for almost 15% of the world's GDP.

Adopting the euro means that Malta will reinforce its prospects of greater growth, more jobs, and lower inflation on a sustainable basis.

It means an end to uncertainty for investors, giving a healthy boost to foreign direct investment; and an end to exchange rate risks and transaction costs for local businesses.

It means that Maltese citizens can travel more easily, can better compare prices, and even buy things with their own currency anywhere in the euro area.

So you are right to celebrate. But joining the euro is just the start of the process, not the end. Tomorrow we must get back to work.

Being a member of the euro area is a responsibility. It requires the right ongoing economic policies, including a sound budgetary policy.

I am confident that the FAIR [Fair-pricing Agreements in Retailing] Code of Good Practice will go a long way towards avoiding unwarranted price increases.

The euro area itself, including Malta, also has responsibilities, and here the Commission recommends the pursuit of budgetary consolidation, improvements to the quality of public finances and, in particular, the further strengthening of euro area governance.

Ladies and gentlemen,

The euro is not just a currency. It is a symbol of our common heritage, our shared values and the success of European integration in bringing the peoples and nations of Europe together.

So I would like to end by saying: Is-Sena t-Tajba - and welcome to the euro area!

Thank you.