SME Chamber

Vince Farrugia- “We Must Be Stronger In Our Defence Of The Euro”

 Addressing the Employers Group at EESC in Brussels on the eve of the final decision by the EU Council on the new financial support package for the Euro, Vincent Farrugia Maltese employers representative at the European Economic and Social Committee addressed the importance that the EESC as the forum according to the Lisbon Treaty representing Civil Society and the Social Partners stand strongly and eloquently in support of the Euro. The Euro is not a monument distant from the citizens of Europe.


The Euro is the money in our pockets, it's our life savings, and our Bank accounts, all our work, efforts and life and business plans are expressed in value in terms of Euro. Defending the Euro is not just the politicians jobs.

A lot of the trouble is not merely financial and structural but it is also psychological. All the attacks and exaggerated comments on the Euro do not faithfully reflect the true state of the economies of the EU and the Economies of the members of the monetary union. There are deficiencies and the mechanism has not really been put in place in the past to ensure that a crisis is averted. But we've seen financial crisis hitting other currencies. We remember the Sterling crisis, the Dollar crisis and the many crises of many other lesser currencies. Economies continue to grow if the underlying economic factors are right and there are many indicators to prove that the underlying economic factors in the EU are sound and with the right. Financial package and with the right mechanisms including a fully fledged European Central Bank the Euro should not be in trouble. But we must speak up in favour of the Euro. The negativity that we have heard this last year especially with so many commentators and debates where everyone irrespective of any absence of capabilities regarding the subject in matter shoots solutions and conclusions most of them not only impractical but verge on the illogical and the not enforceable.

"The leaders of Europe are now closer in agreeing on stronger and effective solutions to the problems affecting the Euro but we must speak out also. This is our currency. This is our money. This is our life, our future. Let us all make our position very clear, " emphasised Vince Farrugia

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