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Ten years in Economic and Monetary Union: Malta’s experience

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  • Rita Schembri

Abstract

This note compares Malta’s economic performance after it adopted the euro in 2008 with developments in earlier years. It also examines how the Maltese economy’s performance in relation to the euro area changed over time, with reference to selected macroeconomic indicators. The note documents how Malta transitioned from an average, or below-average performer, to one of the best performers in the euro area in economic terms. It also tries to draw some lessons based on Malta’s first ten years as a euro area Member State. It concludes that in Malta's case, participation in Economic and Monetary Union has been an enabling factor for economic growth. However, the absence of major financial and fiscal shocks that characterised several other countries in the euro area, as well as structural reforms aimed at enhancing the economy's efficiency and resilience to shocks through diversification were also important.

Suggested Citation

  • Rita Schembri, "undated". "Ten years in Economic and Monetary Union: Malta’s experience," CBM Policy Papers PP/02/2018, Central Bank of Malta.
    • Handle: RePEc:mlt:ppaper:0218
    as

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    File URL: https://www.centralbankmalta.org/file.aspx?f=72251
    File Function: First version, 2018
    Download Restriction: no
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    References listed on IDEAS

    as
    1. Brian MICALLEF & Noel RAPA & Tiziana GAUCI, 2016. "The Role of Asymmetries and Banking Sector Indicators in the Interest Rate Pass Through in Malta," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 7(1), pages 5-13.
    2. Aaron G Grech & Noel Rapa, "undated". "Trends in Malta’s current account and their underlying causes," CBM Policy Papers PP/03/2016, Central Bank of Malta.
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    More about this item

    JEL classification:

    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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