Chamber: ‘European decisions key to restoring confidence and growth’

“The efforts of entrepreneurs across Europe risk being undermined by continuing political uncertainty. By acting early and in a co-ordinated, consistent and decisive way, policy-makers can reduce instability in financial markets and in turn, help restore business and consumer confidence,” the Maltese Chamber of Commerce said in a statement.

Businesseurope has told the European Council that safeguarding the Euro currency was an absolute must and that EU leaders had to support the recapitalisation of banks. “We need to continue to strengthen economic governance to help drive fiscal consolidation and structural reforms in Member States, and government leaders must focus on Commission proposals which can really help drive growth.”

As a member of Businesseurope, the Malta Chamber of Commerce, Enterprise and Industry said it fully supports the organisation’s stand.

“On a local level, Malta’s own growth prospects are being threatened due to the bleak international outlook. External demand for goods and services is vulnerable to the effects of austerity measures that are rife in countries which constitute our principal target markets,” Chamber president Tancred Tabone said.

“We must ensure growth and stability and ascertain the right environment for the private sector to generate economic growth.”

The Chamber said the euro was a fundamental pillar of European integration. “We must acknowledge that it has brought great benefits to companies and citizens across Europe. Therefore, the euro requires solidarity and cohesion between the countries that share it as a currency,” Tabone said.

“We need to move towards restoring confidence and growth within the European Union, with the end result being reinstatement of stability in the financial market.”