Fabian Demicoli

“A Credible Common Vision for Europe” Vincent Farrugia of EESC

 "There is no doubt that the global economy is facing increasing risks but the way leading to recovery remains open. The choices ahead of us are not vast as there are many lingering uncertainties and there is weak resolve to implement solutions. It is so obviously clear that European leaders must lead and implement bold action together if Europe does not look at the future with a common vision we might as well forget about the whole European Project as in the absence of strong leadership and common vision the European union has no future.

The flaws that now are so visible in the structure of the European Monetary Union will not be remedied by single member individual action but by a common and credible action to which all members of the European Union are committed".  Vincent Farrugia was speaking at EESC last week soon after European Commissioner for Competition Joaquin Almunia made his presentation on behalf of the EU Commission on action being taken by the EU to meet current financial and economic obstacles.

Vincent Farrugia further emphasized: "that the serious re-capitalization of banks is becoming increasingly urgent. The EU must halt the spread of economic and business uncertainty as enterprise owners' measure from close range the worsening liquidity crisis and this is having a great negative impact on business confidence right across the EU.

The European Financial Stability Facility must be mobilized with urgency to directly re-capitalize banks. More strengthening action needs to be taken both fiscally and financially to ensure that sovereign finances become more sustainable" stressed Malta Employer's Association. Business owners strongly emphasize growth: we need more capital investments in the infrastructure, the planned Euro Project Bonds scheme must be put urgently into action so that Europe starts seriously investing for future growth. The private sector can provide substantial financing which together with the support of European Central Bank can give a new impetus to growth in many regions across Europe emphasized Vince Farrugia.

"Curtailments of public expenditure in deficit countries is important but drastic up-front belt-tightening on its own is not the solution. Growth is the key-word. But there cannot be growth without a credible common vision. Growth and productivity must be the strategies that will lead us forward and the EU Commission must ensure that member states are all geared for stronger economic growth with budget deficits.

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