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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

Adopting the euro as its national currency would imply that the Central Bank of Malta had relinquished control of its monetary policy. This was not so; the bank was mandated to contribute towards the formulation of monetary policy for the euro area. Monetary policy in Malta is dictated by the Governing Council of the European Central Bank and implemented by the CBM.

English

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