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Mr. President,
On 1st January 1999, Economic and Monetary Union was launched with 11 participating countries. As we completed this major milestone of European integration, widespread scepticism prevailed. On the one hand, detractors were bemused by the fact that we had actually managed to create the single currency. On the other hand, they were predicting that eventually the euro would falter and that EMU would end up in tears.
Nine years on, we are meeting here in La Valetta today to celebrate the third enlargement of the euro area, with Cyprus and Malta joining on 1st January, taking the total number of participating Member states to 15 and uniting 320 million citizens under the sign of the euro.
In fact, the predictions that the euro would turn out to be a weak currency and that the advent of EMU would lead to economic and political turmoil have been confounded.
The euro is today a strong currency and its international role is on a par with the US dollar.
Economic growth has rebounded and proved to be resilient to adverse shocks. Employment is increasing rapidly and unemployment is falling.
The European Central Bank has rapidly acquired a strong reputation as an effective inflation fighter and it has recently cemented its credentials as an efficient crisis-manager.
As a futile debate on the role and particularly the mandate of the ECB is occasionally flaring up, the deeds of the ECB render its independence ever more unassailable.
Furthermore, in the face of adversity - sluggish economic growth, financial crises, rapidly rising oil prices, and global imbalances - the euro area’s young and relatively untested governance structures have not crumbled under the weight of mounting pressures. On the contrary, the euro has risen to the challenges and proved that it was able to overcome adversity.
Thus, since its introduction, the euro has weathered many storms and emerged from them even stronger. From this point of view, there is a stark analogy between the relatively short history of the euro area and the long and distinguished history of Malta.
Throughout its history Malta had to overcome many challenges - not least during World War II where the people of Malta were collectively awarded the George Cross for their heroism and devotion. It is this heroism and devotion which prevented the people of Malta from succumbing to the pressures, and emerge stronger and victorious.
The successful introduction of the euro in Malta provides us with the opportunity to salute again the bravery and dedication of the Maltese people and to proudly reaffirm our common pledge to prosperity, social justice and peace in an integrated Europe.
Viva Malta u l-Maltin! Viva l-Ewropa u l-Ewro!
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