Labour MEP Edward Scicluna has demanded that a new EU financial stability mechanism paid for by all Eurozone countries "must come to their rescue in a time of economic crisis."

Prof Scicluna was speaking following the publication of his report on the proposed treaty change that will establish a permanent financial stability mechanism to protect the eurozone.

Prof Scicluna said, "It is incomprehensible that any Member State would be excluded from receiving financial assistance from a mechanism to which it has contributed. Yet under the proposal treaty change agreed in December by all EU leaders, including Malta’s, this precise scenario could happen."

Prof Scicluna and Jean-Paul Gauzès are Parliament’s co-Rapporteur’s for the Economic committee’s report on the implications of the proposed treaty change, and today released their report which amends the proposed Council text.

In particular, they have agreed to include a reference to "Member States whose currency is the euro" in order to ensure that small countries like Malta would not be excluded from receiving financial assistance from the mechanism.

Commenting Prof Scicluna said, "That the Finance Minister does not even want to consider this safeguard for Malta, on the pretext that such a situation is unthinkable, is both highly unwise and short-sighted."

"If the European Union is changing its own treaty in order to create a safeguard for the eurozone as a whole, why should Malta’s own government ignore the need to safeguard Malta’s interests."

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