Malta: Minister Scicluna Addresses ECON As President Of ECOFIN

Minister Scicluna returns to the European Parliament as President of the Council of Economic and Financial Affairs (ECOFIN) to expound the Presidency programme

Minister for Finance Edward Scicluna appeared before the Economic and Financial Committee of the European Parliament (ECON) in his capacity as President of the Council of Economic and Financial Affairs Council (ECOFIN). Minister Scicluna had served as Vice-Chairman of the ECON for four years when he was a Member of the European Parliament (MEP).

In replying to questions put forward by a number of MEPs, Minister Scicluna addressed various issues ranging from Brexit, taxation, banking regulations, the Capital Markets Union, and the promotion of investment within the EU.

With respect to statements made by a number of MEPs regarding Malta's tax system, the Minister reiterated the fact that the Maltese taxation regime could not be compared to a classical tax system.  He stated that the Presidency is determined to promote sound fiscal policies, investment, and structural reforms for the benefit of the economies within the EU. He reiterated that the EU and the euro area both need a well-functioning Banking Union, as well as a Capital Markets Union. While calling for the bolstering of confidence in the Banking Union, the Maltese Presidency will be making as much progress as possible on the legislative proposals regarding the Capital Markets Union Action Plan.

With regard to investment, Minister Scicluna stressed the importance of the European Fund for Strategic Investment (EFSI) and said that the Presidency is looking forward to engage on both the Structural Reforms Services Programme, as well as the mid-term review of the European Investment Bank's external lending mandate. He also noted that the Presidency is ready to start discussions over changes to the European Venture Capital Funds and European Social Entrepreneurship Funds, and is also looking forward to receiving proposals from the European Commission on Fintech regulation, including Blockchain and crowdfunding, and personal pensions.

Source: PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE / Photos: MFIN

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