'In the middle of financial storm, Malta an oasis of stability' - PM

Prime Minister Joseph Muscat has described Malta as "an oasis of stability in the middle of a financial and economic storm" while insisting that the "mature democracy" which reigned in the country was key in passing on a sense of continuity despite the change in government.

"The mature democracy and the important signals of continuity which people working in institutions, such as the MFSA, gave where crucial in allowing the financial sector to continue to grow," he said.

This morning, Muscat and finance minister Edward Scicluna held a 20-minute meeting with the board of the Malta Financial Services Authority.

Muscat lauded the consensus which existed between government and opposition, even when Labour was in Opposition.

"Consensus in Malta means unanimous approval and that is the strong message of stability we are sending to foreigners," he said.

Imperative, he said, was for the financial sector to always be one step ahead of developments and to anticipate problems and risks which might arise. With the EU pushing for more supervision and stricter regulation, it was important that Malta retained its high standards.

"We have an optimistic prospect for the financial sector in Malta, where it must remain stable but be innovative," Muscat said.

Without going into detail, Muscat said he had discussed these innovative sectors with the MFSA board.

"Being innovative also means being on high alert, making sure we do not become a country of shady business. Malta's fame is that of a reputable operator and this must remain so. We have our standards and we will not lower them for anyone. It is others who have to increase their standards to meet ours."

The Prime Minister insisted that even when Malta could have "earned a quick buck, it chose standards. And the results have now paid off".

Reassuring both investors and operators, he said the financial sector was definitely a growth sector.