Chamber calls for urgent MCESD discussion on Eurozone

The Chamber of Commerce is callling for a discussion within the Malta Council for Economic and Social Development, on the recent European Council meetng held in Brussels and during which it was agreed that 26 Member States would sign up to a fiscal compact agreement.

Chamber president Tancred Tabone communicated with the MCESD chairman earlier this week requesting that the all social partners are briefed on the prevailing situation, possibly by the Prime Minister.

The Chamber said the emerging situation was bringing about an evolution of the EU in general and the euro-area in particular.  "The decision to implement a tighter fiscal regime in the euro-area is bound to have implications on the fiscal flexibility of the government as well as on the future of the financial services sector," Tabone said.

"It is important for business to know first hand what developments are taking place to be in a position to plan adequately and alter business strategies accordingly. We feel that the gravity of the situation is such that a direct dialogue with the Prime Minister himself is required."

In the past months, the Chamber has been following closely the unfolding situation both through the Malta Business Bureau office in Brussels as well as through its representative in the European Economic and Social Committee.  It has also actively participated in MEUSAC where it was informed of the various positions taken by the Maltese government.

"We need to be fully informed  of what is taking place at an EU level," Tabone said. "This will help us as social partners to prepare common positions aimed at safeguarding our competitiveness and attractiveness to investors."