Edward Scicluna hasn’t understood yet that he is the finance minister of a Eurozone state, and no longer speaks in a vacuum as a Labour wotsit
Global Tax News has picked up and reported – globally – the remarks he made at a small meeting of the Malta-China Chamber of Commerce, at a hotel in Gzira, about his determination to have Malta attract Chinese financial services, and about the “historically strong friendship between Malta and China”.
Malta Seeks To Attract Chinese Financial Services
by Mary Swire, Tax-News.com, Hong Kong
22 October 2013
Malta’s Finance Minister, Edward Scicluna, said that the country should seek to attract a Chinese financial institution since financial services in China were now operating on a global level playing field.
Mr Scicluna made the comment during the annual General Meeting of the Maltese Chinese Chamber of Commerce, held on Friday October 18, 2013, according to a government press release.
“I will strive as Minister of Finance to attract Chinese financial services to Malta. Such a possibility would boost Malta’s attractiveness to Chinese investment in the region, and boost the Renminbi (RMB) as an international currency. Through such a strategically placed location Malta could offer itself as a gateway to Chinese investment in the region,” Mr Scicluna said.
During his address, Mr Scicluna noted the historically strong friendship between Malta and China, and said that over the past six months, this has now been elevated to a higher level.
Mr Scicluna emphasized that Malta, as well as the European Union as a whole, must accept the current global realities. “China is a young dynamic economy reflecting its youth, while Europe is a graceful though more mature economy, sometimes exhibiting some sclerosis as well. This is why such partnerships are important, as the mix of abilities and experience and strategic characteristics of each partner result in a strong business relationship,” he said.
On October 03 the finance minister said that his country is seeking to broaden its financial sector. “Malta is constantly on the lookout for new opportunities to increase the breadth and depth of its financial services infrastructure, not least its securities markets,” he said.
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http://www.tax-news.com/news/Malta_Seeks_To_Attract_Chinese_Financial_Services____62430.html
Global Tax News has also picked up Scicluna’s remark about promoting the Renminbi as a world currency, an implicit threat to the US.
He seems more interested in pandering to a long-held ambition of the Chinese authorities, that of strengthening the status of the renmimbi as an international currency even though it is not freely convertible, than in strengthening the euro, which needs a deeper and closer political union to buttress it as Alan Greenspan pointed out a couple of days ago.
Indeed, he hardly seems to be the finance minister of a Eurozone country. And these remarks follow those remarkable ones to the Chinese ambassador when Scicluna said that Malta sides with China on the solar panels dispute with the E.U.
Tactless, servile and disloyal remarks unbecoming of a finance minister of an E.U. member state.
“Mr Scicluna emphasized that Malta, as well as the European Union as a whole, must accept the current global realities.”
How patronising on his part towards the Maltese and the EU. And how submissive towards China. But then why should we expect better from the Professor of Mintoffianomics?
Is the government planning to sell a significant shareholding in Bank of Valletta to China?
AN EU minister of finance who wants to strengthen the Renminbi?
“Matto da legare” “Onbekwaam” “Unglaublich” “Fou”
Diplomatically, his colleagues might not use those words during their next meeting of ministers of finance in Brussels. But I sincerely hope they will deliver the message to him very clearly.
“…and boost the Renminbi (RMB) as an international currency. Through such a strategically placed location Malta could offer itself as a gateway to Chinese investment in the region”
It seems to me that Mr. Scicluna has China’s interest at heart not Malta’s. I wonder why.
What’s good about Scicluna is how he gives the game away as soon as a microphone is put to his face.
He definitely needs to explain in parliament what he means by ‘boosting’ a competitor’s currency.
He’s a bloody minister of this republic, swore to serve our interests for heaven’s sake.
This cannot go unnoticed.