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Macroeconomic Policy Frameworks of Small States

A Case Study of Malta

image of Macroeconomic Policy Frameworks of Small States

Malta’s socio-economic successes have been remarkable. Key policy decisions have enabled this small island state to cope with its inherent vulnerabilities. This book reviews the implementation of macroeconomic policies in Malta, identifying the key issues, lessons learnt and best practices which could be adapted by other small states. It also sets out the country’s challenges for the future, which include managing a huge fiscal deficit, a high unemployment rate and attending to the conflicting demands of environmental conservation and economic development.

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Key Issues and Lessons Learnt

Malta has been a fully integrated member of the European Union since 2004 and in January 2008, adopted the euro as its currency. In the build-up to entry into the EU, Malta had to implement a string of reforms in line with EU standards and practices. As a result, most of its major economic policies are guided by EU principles and regulations. Malta has had much to gain from its entry into the EU, particularly from its entry into the eurozone in January 2008, when it adopted the euro.

English

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