Labour MEP calls for a Euro-Med investment bank

Addressing a plenary session of the Parliamentary Assembly of the Union for the Mediterranean, Labour MEP Edward Scicluna said that he was disappointed over the continuous postponement of a Mediterranean Investment Bank.

"As a Mediterranean, from the island of Malta I cannot conclude without referring with some sadness that the dream of a Mediterranean Investment Bank or programme has once again been postponed.  I look forward to the day when the countries in the region will realise this vision of owning their own investment bank aimed to address their own regional needs," Scicluna said.

Scicluna also highlighted the similarities and differences between the Arab Spring revolution and the effect of the collapse of the Soviet Union on the countries of Eastern Europe.

 "Most important of all is the democratic transition which the North African states, like Eastern Europe, are facing today. But there are differences. Unlike the Eastern European case, the Mediterranean North African countries are neither aspiring to become full members of the European Union, nor are they as keen to embrace a free market economy," Scicluna said.

He added that the North African countries want reform, cannot have faith in the unregulated market economy, in view of the enormous financial and economic crisis in which the western world has got itself embroiled.

The plenary session was held in Rabat, Morocco and brought together MEPs and the newly elected parliamentarians from some of the countries involved in the Arab Spring.