Sant votes against centralised eurozone fund: ‘Not in Malta’s interest’

Labour MEP Alfred Sant has voted against a proposal strongly supported by the Socialists and Democrats in the European Parliament to retain some €1 billion in profits by the European Central Bank in a centralised fund for eurozone affairs, instead of distributing it member states.

In an address to Labour’s annual conference for its Floriana branch, Sant said it would not be in Malta’s interest to give up this revenue to help build a new centralised institution for the Eurozone, which he said would “surely diminish further Malta’s margins for decision-making.”

“The time is coming for Malta to know where it stands on the creation of a central body for the eurozone with its own funds, such as a euro finance minister, and with deeper control from Brussels over the economic policy of member states. The best approach would be for the Maltese parliament to agree, preferably by consensus in a resolution, on where our national interest lies, and the best way forward for Malta in the circumstances,” Sant said.

The former prime minister said he voted against the centralised fund and the creation of a European finance minister, breaking ranks with the S&D. “Something of the sort was proposed this week by Italy while Germany and France are preparing similar proposals. So is the European Parliament.”

Sant repeated his claim that the Maltese people were not sufficiently aware of the direct impact on their lives of decisions being taken or not taken in Brussels by the EU.

“The most salient issue at the moment is the migration crisis, but things are also moving for change in the management of the eurozone, of which Malta forms part. Here proposals are being made for greater integration of euro decision, that will eventually go to the top of the agenda.”