Jean Claude Trichet: Welcome Malta!
Speech by Mr Jean Claude Trichet, President of the European Central Bank, at the event for
launching the joint communication campaign for the euro changeover at the Central Bank of
Malta, Valletta, 30 September 2007.
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Ladies and Gentlemen,
It is a great honour and pleasure for me to be here at this festive moment. This is to mark the
launching of the joint communication campaign for the euro changeover in close co-operation
with the Central Bank of Malta and with our friend, Michael Bonello, just 92 days before Malta
adopts the euro on 1 January 2008. This will signify a great milestone in Malta's history,
especially since Malta only joined the European Union (EU) almost four years ago, on 1 May
2004. Let me first offer my warm congratulations to all of those who have helped bring Malta
to this point. In 2002 for the countries that were in the euro area at the time, as well as for
Slovenia this year, it was a memorable moment and a positive step. So I can well imagine
how the Maltese feel at the moment.
You can be proud of Malta's successful convergence process. In fact, we are very pleased
about the fruitful cooperation between the European Central Bank (ECB) and the Central
Bank of Malta in the preparations for the changeover, be it at the technical level or through
the participation of Governor Bonello as observer in the Governing Council since last July.
Preparations for EU membership and the adoption of the euro have spurred a broad-based
reform process. The adoption of the euro should not mark the end of this structural reform
process. In order to reap the full benefits of euro adoption and to ensure sustainable
convergence, this process should continue. As you know, economic and monetary
integration between countries with somewhat different characteristics and levels of
development requires careful preparation. However, you have already reached this stage
and your planning for the introduction of the euro is almost complete. Looking ahead the
adoption of the euro will enhance your integration with all EU partners.
Today practical preparations towards the public are remarkably advanced and the euro
campaign has been outstanding in Malta. Indeed, the Central Bank, and also the National
Euro Changeover Committee can be praised for their excellent work paving the way for a
smooth changeover. The ECB has contributed to this euro campaign by making the public
acquainted with the visual appearance of the euro banknotes and coins and the security
features. The framework used by the ECB and the CBM constitutes an optimal
communication mix to ensure a good reach of the public. This means research, advertising,
direct marketing, public relations (like this event today) or addressing the vulnerable
population. Overall, around 500, 000 copies of publications will be distributed by the CBM or
via multipliers - so more than the actual population.
I am pleased to see that the recent euro barometer showed a steady progression in the
satisfaction of the Maltese with the adoption of the euro (from 40% in September 2005 to
64% in June 2007).
Let me hand over the euro star to Governor Bonello to symbolically flag that the Central Bank
of Malta will join the Eurosystem on 1 January 2008. We look forward to welcoming you
wholeheartedly into the euro area.
Thank you very much for your attention.