69% of Maltese think that euro introduction will lead to abuses by retailers, according to Parliamentary Secretary Tonio Fenech. Speaking during the first National Conference on Euro Changeover, the Parliamentary Secretary for the Ministry of Finance explained how the FAIR initiative was launched last week to educate and inform shop owners about the changeover and in turn build consumer confidence.
While noting that eurobarometer surveys revealed that Maltese citizens seem to feel at ease with the euro currency, Tonio Fenech explained that facilitating and speeding up the mental changeover is important.
“We must do everything we can to combat the false perception that the euro means higher prices. It is a battle for the hearts and minds of Maltese consumers, and losing it will mean very serious consequences in terms of consumers’ attitude to the euro,” said the Parliamentary secretary on Monday.
Tonio Borg reiterated that in view of the fiscal consolidation and economic progress which Malta is registering, joining the euro on 1st January 2008 seems achievable. “While in terms of the deficit and debt criterion we believe to be on track, the inflation rate may possibly be the main challenge. However, based on a number of assessments, I am optimistic that we will also meet this objective as our rate of inflation is forecasted to decline within acceptable levels in the next few months,” explained the Parliamentary Secretary.
Parliamentary Secretary Tonio Fenech also called on for public and private efforts to implement the required practical preparations for the changeover, including dual-display pricing. “We have to bear in mind that it took some of the current euro-area members as long as six years to prepare for the introduction of euro notes and coins,” he noted. In this light, Tonio Fenech welcomed employers’ representatives backing up the FAIR initiative. FAIR is to help entrepreneurs to introduce Dual Display pricing in a simple and gradual manner which will guarantee transparent and honest prices. Businesses which enroll in the scheme will be given a FAIR ‘trust mark’ to be affixed to the shop window, as a testimony of businesses’ to provide the consumer with good quality and honest services.
“We must do everything we can to combat the false perception that the euro means higher prices. It is a battle for the hearts and minds of Maltese consumers, and losing it will mean very serious consequences in terms of consumers’ attitude to the euro,” said the Parliamentary secretary on Monday.
Tonio Borg reiterated that in view of the fiscal consolidation and economic progress which Malta is registering, joining the euro on 1st January 2008 seems achievable. “While in terms of the deficit and debt criterion we believe to be on track, the inflation rate may possibly be the main challenge. However, based on a number of assessments, I am optimistic that we will also meet this objective as our rate of inflation is forecasted to decline within acceptable levels in the next few months,” explained the Parliamentary Secretary.
See also:
FAIR scheme encourages early dual-display pricing
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Nov 25, 2006, 19:14 CET
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