This fact means that the decision whether we change the Malta Lira with the Union currency, the Euro, was not taken according to whether it is in our national interests, but was taken because we had been forced to do so once we had made up our mind that we have to become a Union member, otherwise our country will be finished.

This was false reasoning, anti-national reasoning and reasoning that did not let us to be free to see whether it will be better for us economically or not to change the Malta Lira with the common currency, the Euro.

Once the European Union imposed upon us to adopt the Euro, the government did everything to say that this step is going to happen not because we were forced to take it, but because it is in our interest to do it.

The Government is going to say that though it knows that it is not so.

That is we cannot expect in this issue of the adoption of the Euro in Malta that we are going to have from the Government side an objective discussion on the disadvantages of the adoption of the Euro in our country.

We are going to again have only propaganda on the advantages, and the harm that can be caused to us with the adoption of the Euro is going to be buried under the propaganda bombardment in favour of the adoption of the Euro.

One should be reminded that for one to hide the harm of some action, it does not mean that he will not suffer its harm just the same.

This is what is going to happen to us in the case of the Euro.

And harm there may be, both after we adopt the Euro, and also prior to taking this step.

One of the first thoughts that come to you when you reflect on the change from the Malta Lira with the Euro is whether the exchange rate is going to be that which is today between the Malta Lira and the Euro.

This depends a lot from the fact whether the value of the Malta Lira is going to be lower or not.

The value of the Malta Lira can be lowered if the Government devalues it, and can be lowered without there being a formal or official devaluation, or as a consequence of the managing of the currencies on which is fixed the exchange rate of the Mala Lira, or even as a consequence of how the economy and trade of the country are doing.

The uncertainty on whether the value of the Malta Lira is going to go down because of its change with the Euro, is going to lead many to change Maltese currency to foreign currencies before the values of the Malta Lira is lowered.

This is going to be the first negative consequence of the binding that the Government made that our country adopts the Euro.

To make things worse, the Government has already made a lot of noise on the adoption of the Euro in Malta and is showing that it has great haste to do so, without having carefully weighed all the effects of this step.

* The Swedes,

* the Danish and

* the British

* have been for long years weighing what the effects of the adoption of the Euro are going to be.

We the Maltese are wiser than them.

We are going to make this change without considering anything, with our eyes closed and whatever the consequences will be.

A British friend reminded me that “fools rush in where angels fear to thread”, the fool opts to do something when someone who is careful will think twice before embarking on it.

One of the effects of buying with the Malta Lira great amounts of foreign currencies will be that the value of the Malta Lira will be lowered because of this fact alone.

When the value of the Malta Lira is lowered, the prices of things that we import increase.

Therefore we will have an increase in the cost of living for our people.

With an increase in the cost of living without an increase in wages, means that the standard of living is lowered.

An increase in the cost of living that brings with it an increase in wages.

Means an increase in the expenses of products produced in Malta and this may have a negative effect on competitiveness.

A negative impact on competitiveness leads to lower sales of our products and services and lower sales lead to lower employment and less work.

These bad consequences all happen if with the introduction of the Euro in our country, we have a devaluation, formal or not, of the Malta Lira because as it will be previously be considered as going to be made, gives place to many speculators to get rid of the Malta Lira prior to being devalued, so that after it is devalued, they again buy it and get more than they previously had.

A Government that cares about the lower sectors of society will be extremely careful that this trading of selling and buying of the Malta Lira does not cause more suffering to those who do not have and for those who have a lot to get richer.

One who has a thousand Mata Lira can presently get things that are worth 2,334 Euro.

If tomorrow the value of the Malta Lira is lowered to two Euros for every Lira, someone who has kept his one thousand Lira, can only get things that are worth 2,000 Euro and not 2,334 any longer.

On the other hand, if one hurries to change the thousand Lira prior to being devalued, today he gets 2,334 Euro and when it is devalued, can change 2,000 Euros from them for one thousand Malta Lira and will have 344 Euros in his hands as profit.

A Government that gives the intention beforehand that it is going to devalue the Malta Lira, now that control on the acquisition of foreign currency has been removed, will be purposely giving place for this sort of speculation.

This is going to happen with the imposition by the European Union for the adoption of the Euro in Malta.

A negative effect of the adoption of the Euro that was felt in every one of the 12 European Union member countries was that the Euro increased the prices of every object and service.

No one had forecasted this negative effect and more so no one had thought that the increase in prices was going to be as high as it in fact was.

It can be said that everyone agreed that the traders took advantage from the fact that the consumers were not used to counting their expenses with the new Euro currency.

Everyone also agreed that although the expenses of changing from one currency to another were reduced, the adoption of the common currency did not lead to lower prices and neither to a reduction in the costs of production and the provision of services.

All this happened in the other countries where the Euro was adopted is going to happen when we adopt the Euro according to what the European Union had ordered us to do.

Thursday, 16 October, 2003.

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