Labour MEP Prof Edward Scicluna today welcomed his appointment by the Socialist and Democrat group as their Shadow Rapporteur on a European Parliament report on global economic governance, saying that there was a need to link the EU’s approach with those taken globally.

Prof Scicluna has already been working as one of the Socialist and Democrat group negotiators on six reports to reform the governance of the eurozone following the recent financial debt crises in Europe.

Prof Scicluna said, "We cannot look at the eurozone or national economies in isolation. Our economic performance will always be within the context of the global economic outlook. Global imbalances are still a threat to economic stability the world over."

Commenting on recent tensions between the United States and China and threats of currency devaluation and trade disputes, Prof Scicluna said, "These are turbulent economic times. We have the risk of trade and currency wars between the United States and China, and many countries are struggling to cope with debts and deficits incurred as a result of the global recession."

Concluding, Prof Scicluna said, "This is an important report. It will be the European Parliament’s input into how we want to improve our economic governance following the crisis. It is important that we get this right."

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