[WATCH] European economic slowdown will affect all countries, Italian finance minister says

Edward scicluna and Giovanni Tria

Brexit, trade wars and the economic slowdown in Europe were some of the common areas constituting challenges for Malta and Italy discussed between the Maltese Finance Minister and his Italian counterpart.

Italy’s economy and finance minister Giovanni Tria is currently in Malta for a constituency meeting of the International Monetary Fund and the World Bank.

The occasion was also used to hold a brief discussion with Finance Minister Edward Scicluna, during which common issues facing Malta and Italy were highlighted.

“I think our two countries have a number of common interests… We have to face the impact of Brexit, as well as several problems which originate from outside Europe,” Tria said.

He pointed out that Europe is currently facing a general economic downturn, which would eventually have an effect on all countries.

“Europe in general is experiencing an economic slowdown, although Malta itself isn’t… We are facing the impact of uncertainties, and this is especially true for the more export-oriented EU member states, such as Germany and Italy,” Tria said.

Scicluna said Malta and Italy, both eurozone members, had always worked together on matters of shared interest.

“There are, various ongoing projects in which both our countries are involved in, such as EU talks about a banking union, the agreement we reached on a European level last December on risk sharing and risk deepening, and various proposals which have been put forward to strengthen the eurozone against shocks, so it can respond better than it has in the past,” he said.