The priority for Europe's executive body should be to invest more in human capital, Prime Minister Joseph Muscat said yesterday during an open dialogue session at the annual meeting of the New Champions in Dalian, China.

Addressing a tripartite meeting with the Finnish and the Bulgarian Prime Ministers, Dr Muscat said that "current EU rules make it easier to request structural funds to build a road rather than to train people".

He said that the new European Commission which is set to start its work next year should change EU rules in spending to facilitate spending in training and education.

The Prime Minister said that the focus for the next EU Commission should be on the completion of the single market and on economic growth rather than austerity measures.

"Europe has to be a global player in the world economy" said Dr Muscat.

The Prime Minister said that reducing bureaucracy and innovation should be the other two priorities Touching on issues of sovereignty, Dr Muscat reiterated that Malta is against the harmonisation of  tax regimes across member states as well as the banking union. Nevertheless he said that such issues involve limited rather than considerable transfers of sovereignty.

"I would consider having some of the powers repatriated to member states but at the same time the door must be left open for further standardization  in some areas" said the Prime Minister.

Dr Muscat also referred to the Euro zone crisis expressing his shock that the Asian media is assuming that the days of the single currency are counted.  "That is not going to happen but unfortunately the EU at times fails to communicate the positives" concluded Dr Muscat.