“Whilst the recent economic data gives us reasons to be optimistic about Malta’s future outlook, we do not foresee the need to change the fiscal policy stance in Malta or anywhere in the European Union. One of the most urgent issues to address in the EU wide financial system is the lack of financing to SMEs. Addressing youth unemployment is as important in the current scenario,” said Finance Minister Prof. Edward Scicluna.
The discussion focused on the situation in the financial markets in the euro area and the EU. Specific attention was given to the means through which SME financing in the short and medium term can be fostered, in particular specifying the parameters of SME financing instruments as proposed by the European Investment Bank and the European Commission during the June ECOFIN Council and June European Council.
Ministers also discussed the necessary measures to ensure the stability of the banking sector as well as other needed policy steps and reforms in the European financial system to help prevent and absorb any future shocks to the financial sector and reduce financial market fragmentation.
There was also a discussion on the recent initiatives at the EU and global level related to automatic exchange of information with a goal to tackle more effectively issues related to tax fraud and tax evasion.
The Eurogroup meeting was preceded in by a discussion during which Eurogroup Finance Ministers discussed the economic outlook of the euro area, the Cypriot adjustment programme, the state of play in Portugal and the state of play on the Banking Union.
Minister Scicluna was accompanied by the Governor of the Central Bank of Malta, Prof. Josef Bonnici and the Permanent Secretary in the Ministry for Finance, Mr. Alfred Camilleri.
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“Filwaqt li r-rapporti dwar l-andament ekonomiku riċenti jagħmilna ottimist dwar prospetti futuri għal Malta, aħna ma narawx il-ħtieġa li jinbidel l-orjentament tal-politika fiskali f’Malta. Dan japplika wkoll għall-Unjoni Ewropea. Waħda mill-kwistjonijiet l-aktar urġenti biex tiġi indirizzata fis-sistema finanzjarja kollha tal-UE hija n-nuqqas ta’ finanzjament lill-intrapriżi żgħar. Huwa importanti wkoll fixxenarju preżenti li jiġi indirizzat il-qgħad fost iż-żgħażagħ,” qal il-Ministru tal-Finanzi l-Prof. Edward Scicluna.
Il-Prof. Scicluna kien qed jattendi laqgħa informali tal-ECOFIN f’Vilnius, il-Litwanja fit-13 u l-14 ta’ Settembru, li waqtha l-Ministri tal-Finanzi tal-UE u l-Gvernaturi tal-Bank Ċentrali qassmu l-fehmiet tagħhom dwar is-sitwazzjoni attwali ekonomika u l-prospetti, u l-pożizzjoni politika finanzjarja.
Id-diskussjoni ffukat fuq is-sitwazzjoni fis-swieq finanzjarji fiż-żona euro u l-UE. Attenzjoni speċifika ġiet mogħtija lill-modalitajiet kif l-finanzjament tal-intrapriżi żgħar jista’ jitrawwem fiż-żmien qasir u medju, b’mod partikolari l-ispeċifikar tal-parametri ta’ strumenti ta’ finanzjament għall-intrapriżi
żgħar kif propost mill-Bank Ewropew għall-Investiment u l-Kummissjoni Ewropea matul il-Kunsill talECOFIN f’Ġunju u il-Kunsill Ewropew ta’ Ġunju.
Il-Ministri ddiskutew ukoll il-miżuri meħtieġa biex jiżguraw l-istabbiltà tas-settur bankarju kif ukoll passi oħra ta’ politika meħtieġa u riformi fis-sistema finanzjarja Ewropea li jgħinu jipprevjenu u jassorbu kwalunkwe xokkijiet futuri għas-settur finanzjarju u jnaqqsu il-frammentazzjoni tas-suq finanzjarju.
Kien hemm ukoll diskussjoni dwar l-inizjattivi riċenti fil-livell tal-UE u globali relatati mal-iskambju awtomatiku ta’ informazzjoni, bil-għan li tindirizza b’mod aktar effettiv kwistjonijiet relatati ma’ frodi fiskali u evażjoni fiskali.
Qabel l-Ecofin kien hemm laqgħa tal-Eurogroup li matulha l-Ministri tal-Finanzi tal-Eurogroup iddiskutew il-prospetti ekonomiċi taż-żona ewro, il-programm ta’ aġġustament Ċiprijott, issitwazzjoni attwali fil-Portugall u l-istat attwali dwar l-Unjoni Bankarja.
Il-Ministru Scicluna kien akkumpanjat mill-Gvernatur tal-Bank Ċentrali ta’ Malta, Prof. Josef Bonnici u s-Segretarju Permanenti fil-Ministeru għall-Finanzi s-Sur Alfred Camilleri.
September 14, 2013