In 1999, the prospect of membership in the EU has seemed to attracts foreign investment. In June, the Hong Kong and Shanghai Banking Corporation purchased Mid-Med, the island s largest commercial bank. The economy, however, remained sluggish throughout the year, with unemployment fluctuating around 5 percent. Political Rights and Civil Liberties Citizens of Malta can change their government democratically. Members of the house of representatives, the country s unicameral legislature, are elected on the basis of proportional representation every five years.
Parliament elects the country s president to a five-year term.
Although the post is largely ceremonial, the president is charged with formally appointing a prime minister and the cabinet of ministers. In June 1999, Guido de Marco was elected president after serving for 22 years as deputy chairman of the Nationalist Party. Since 1992, the government has sponsored programs to diversify the media. Malta s two main political parties own television and radio stations, as well as newspapers, which promote their political views. Italian television and radio are also popular.