MEUSAC discusses the future of EU economic and monetary union (EMU)

28 September 2017

PRESS RELEASE BY THE MINISTRY FOR EUROPEAN AFFAIRS AND
EQUALITY

MEUSAC discusses the future of EU economic and monetary union (EMU)

The MEUSAC Core Group discussed the European Commission’s ‘Reflection paper on the
deepening of the economic and monetary union’. This is one of a series of papers published by
the Commission over the past months and intended at launching an EU-wide process of
reflection and debate on the future of Europe.

Addressing the meeting, the Minister for European Affairs and Equality, Helena Dalli, spoke
on the importance that all Core Group members participate in the discussion on the future of
Europe since whatever takes place in the EU affects the daily lives of citizens in some way or
other.

Referring to the reflection paper on economic and monetary union, Dr Dalli said that we now
have a document mapping out a way forward by 2025. In this context, she referred to
Commission President Jean-Claude Juncker’s State of the Union address on September 13,
during which he made several proposals such as the appointment of a European Minister of
Economy and Finance. Dr Dalli also highlighted the importance of discussions within
MEUSAC’s Core Group in view of her participation in meetings of the General Affairs Council
of the EU.

Parliamentary Secretary for EU Funds and Social Dialogue Dr Aaron Farrugia referred to the
importance of discussions within MEUSAC particularly at this moment in time when there are
divergent views on the EU’s future.

Director in the Ministry for Finance, Mr Ivan-Carl Saliba, delivered a presentation on the
reflection paper. He said that one of the issues being discussed is the proposal to create a
European Monetary Fund to replace the European Stability Mechanism – the international
financial institution set up by the euro area Member States to help euro area countries in severe
financial distress. The aim of the new fund would be for EU countries lending money to yield
dividends in return. Mr Saliba also spoke about the proposed European deposit insurance
scheme (EDIS) which would safeguard bank deposit and the setting up of a ‘Rainy Day Fund’
for the euro area in the event of future crises.

During the meeting, members highlighted matters of concern such as tax sovereignty and the
drive towards qualified majority voting in the Council on fiscal matters.

At the beginning of the meeting, Head of MEUSAC, Dr Vanni Xuereb, referred to the relaunch
of MEUSAC as a government agency, aimed at strengthening the Europeanisation of
the country, as a process that would lead to a consolidation of consultation on EU affairs citing,
as an example, a decision to widen representation in the Core Group to include members of the
national parliamentary committee on Foreign and European Affairs, members of the European
Parliament, the EU Committee of the Regions and the European Economic and Social
Committee.