While the French and Dutch electorates voted ‘No’ to the new European constitution, and the euro came under mounting pressure – with bets being taken on some countries leaving the single currency – Malta joined the Exchange Rate Mechanism of the EU in May. Membership of the euro in 2008 is the next objective.
Michael Bonello, governor of the Central Bank of Malta, outlined his country’s plans for further absorption into the EU at a recent seminar on Malta as a financial centre. Joining the euro and enhancing its position as a small, but vibrant, international financial services centre are central plans of this strategy.
