On the European Semester for economic policy coordination "Only once the dust has settled will people fully appreciate how far we have come" – 2013 has started on a more hopeful note for the euro area, as a euro area. It is now clear that the euro is an irreversible project. There are several signs that the worst is now behind us. In most countries, even those under pressure from the markets – from Greece to Portugal, from Ireland to Italy to Spain – budgetary positions are looking healthier, exports are picking up, on the financial side, spreads are coming down, and financial fragmentation within the euro area is easing.
These are all helpful signs, but we should not forget that there is still a long, long way to go. After all, we are in the process of overcoming the biggest economic downturn since the 1930s, which in Europe included an existential crisis for euro. A crisis that made people fear for their savings, then fuelled some doubts about the survival of their currency itself. What could be more damaging to confidence, in households and businesses alike?
I would like to underline the importance of this point. The stabilisation of the euro area was our priority for these last three years for a very simple reason: without stability, there could be no growth, and no job creation. From that perspective, 2012 will come to be seen as a turning-point. A vast amount of work was done in the Member States, in the euro area, and in the Union as a whole. Only once the dust has settled will people fully appreciate how far we have come.
16 October 2025
Following the recent debate on the potential introduction of a four-day working week, the Malta...
17 September 2025
The Malta Chamber of SMEs welcomes the positive news that direct flights between Malta International...
07 September 2025
The Malta Chamber of SMEs congratulates Dr Alex Borg on his election as Leader of...
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).
