Labour MP says EU banking rules demand member states’ scrutiny

The chairman of the economic and financial affairs parliamentary committee Silvio Schembri has called on the European Commission to consider the financial interests of small states, in tandem with those of larger member states facing mounting debts.

The Labour MP was in Brussels attending a conference on the future of the European monetary union.

"It's a very important subject for Malta in the light of new rules being discussed, which directly affect Malta's banking sector," Schembri, who was elected to parliament for the first time in March, said.

In his contribution, Schembri asked that the new banking rules be suited for Malta's own economic context, and to be discussed clearly with all member states.

The conference was attended by EC president José Barroso and vice-president Olli Rehn.