Committee on the euro

In mid-June the Government launched the National Euro Changeover Committee (NECC) under the chairmanship of Joseph F.X. Zahra. We wish Mr Zahra every success in this crucial task.

Changing from the Maltese lira to the euro is not just a question of changing one set of coloured notes for another. It would also be a grave mistake to consider it as a purely technical issue in which all that has to be done is mechanical.

We know what happened in other member states during the switchover from the national currency to the euro. So no excuses will be believed if the switchover in Malta dives headlong into the same pitfalls.

In addition, the task of changing over to the euro should not be seen as the sole responsibility of the NECC. Government must shoulder its responsibility.

It must be ensured that prices in Maltese lira and euro are published well in advance of the changeover as well as draconian measures introduced for a temporary but crucial period to discourage those who may already be planning price hikes and speculation.

A special centre ought to be set up where citizens could launch their complaints to ensure that usurpers do not go unpunished. The euro will provide substantial benefits to consumers and they will be in a better position to compare prices in Malta with those obtaining overseas.

But if the authorities think that the market by itself will identify and correct abuses, they are wrong. Knowing the greed of many retailers (not all of them, of course) and operators and their penchant for the proverbial fast buck, we certainly have to urge caution.

The whole thing may be turned into a sour experience for many and give EU membership a bad name. People are already confusing the dire economic situation and loss of spending power with the EU - instead of blaming past mistakes.