Minister for Finance and Financial Services, Prof. Edward Scicluna participated in a video conference meeting of the Finance Ministers of the European Union on June 9.
During this meeting, the proposed EU Recovery Plan was presented and discussed whilst present Ministers were asked to give their initial reactions.
Generally, the Recovery Package was welcomed as an instrument needed to kick-start the economy of the European Union and help Member States with their respective economic and social recovery.
However, Minister Scicluna in his intervention, was keen to point out that the proposal is currently centred around pre-COVID unemployment rates in each Member State. Minister Scicluna said that the focus to allocate funds, should mainly be on the COVID-19 economic shock rather than on each Member States’ pre-pandemic economic situation. Minister Scicluna continued to explain that such an approach is ‘backwards-looking’.
In a press statement issued by the Ministry for Finance and Financial Services, the Minister was quoted as saying that Malta expects the EU Commission to take a more multi-faceted approach as the current approach does not catch each Member State’s peculiarities.
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