Chamber joins European call for more bank lending

The Malta Chamber of Commerce, Enterprise and Industry has continued to participate in discussions focusing on the problems within the euro area, at the Eurochambres’s 110th plenary assembly, held in Brussels this week.

The assembly issued a communication to policy makers, calling for policies to deliver growth that will in turn create jobs and drive the economic recovery.

Malta Chamber president Tancred Tabone said the Eurochambres presidency highlighted the safeguarding of the euro as a key factor in the future growth and competitiveness of European businesses and a cornerstone of EU integration and the internal market.

The assembly also called for more access to business finance by encouraging bank lending in the short term, through enhancing the role of loan and equity guarantee funds at both national and European level; ensuring regulations do not impact negatively on bank lending to businesses; and accelerate the harmonisation of the EU internal market.

“If policy makers set in place an environment that favours growth, job creation and innovation, the real economy can and will get Europe out of the crisis,” Tabone said.

“Growth in Europe is key to ensure economic prospects in Malta are safeguarded. Malta is in a sensitive position because it has a small and open economy. Given Malta’s fiscal consolidation targets, economic growth represents the only way for the country to prevail in these difficult circumstances.”