The European Commission will continue monitoring Malta’s currency changeover, with a full report on the adoption of the euro in Malta expected to be approved next month.
Europe’s finance ministers yesterday met for their monthly ECOFIN meeting, with Cyprus and Malta officially having their first meeting of the Eurogroup as eurozone members, rather than observers.
Parliamentary Secretary for Finance Tonio Fenech told MaltaToday yesterday that Malta was praised for its euro adoption process. “There were positive commendations on the whole framework adopted, as well as provisions with which authorities can react to abuses. During this meeting, a publication on Euro changeover best practice was presented, which included the initiatives championed by Malta such as the Fair system and the price rounding procedures.”
The ministers’ meeting yesterday also centred around the general state of affairs on the US situation, which could be soon be passing through a recession or a slowdown. “In either case, the EU bloc seemed to have taken the necessary provisions to avoid serious impact,” Fenech said.
European finance ministers distanced themselves from the United States’ economic problems, ruling out any cuts in rates to avoid recession. The US Federal Reserve yesterday slashed its benchmark interest rates by 75 basis points to alleviate fears of a recession in the world’s biggest economy.
The EU also discussed the Single European Payments Area (SEPA), with regards to monetary transactions in the Eurozone.
“As we stand now, cheques, debit cards and other banking services are sensitive to the country and cannot be used in different countries,” Fenech said.
“The Commission has found certain charges imposed by Master to its users in foreign countries as illegal. The EU realises that the consumer deserves a fairer treatment when it comes to certain bank charges. The MFSA in Malta is also reviewing some regulations imposed by local banks,” Fenech said.
ECOFIN ministers yesterday agreed to cooperate with national Central Banks to continue monitoring the progress on SEPA at national level, in particular, as regards the adoption of SEPA by public authorities.