The Minister for Finance Prof. Edward Scicluna looks back over 2014 and discusses a few of the most important developments that unfolded during the year.

He notes that throughout the European Union, economic growth remained very modest, noting that previously large and well-performing economies such as Germany began experiencing a gradually-diminishing drop in economic growth momentum.

He also explains that other European economies, such as Italy and France, have similarly been experiencing problems, albeit for different reasons. He notes however that what the two economies have in common is that they both are openly admitting that they not be able to adhere to the fiscal and economic plan that the European Commission is expecting them to adhere to.

Prof. Scicluna underlines that this has led to a different debate, one that has been ongoing in various European fora – namely that rules governing fiscal governance and targets should apply uniformly to all countries, and not create exceptions for certain countries and not others.

Prof. Scicluna however notes that despite the economic downturn being experienced in other European economies, Malta has seen its own economy accelerate and gather momentum.

He notes that Malta succeeded in achieving one of the leading rates of Economic Growth in the EU, while at the same time reining in its deficit, and curbing unemployment. He underlines that he is confident that Malta can look towards 2015 and begin to see the positive results of the country’s hard work.

– Saturday, 27th December, 2014