Alfred Sant speaking about the proposed Eurozone Central Body, said "it is not in Malta's interests to give up revenue to help build up a new centralised institution for the eurozone that will surely diminish further Malta's margins for decision making."

He added, "indeed the time is coming for Malta to know where it stands with regard to the creation of a central body for the eurozone with its own funds, such as a euro finance minister, and with deeper control from Brussels over the economic policy of member states."

The MEP, who was addressing the annual Conference of the Floriana PL Centre, said the best approach would be for the Parliament of Malta to discuss the matter and come to an agreement, preferably by consensus in a resolution, as to where our national interests lie, and the best way forward for Malta in the circumstances.

Dr. Sant said this week a vote was taken at the European Parliament on a proposal supported strongly by the group of Socialists and Democrats for the annual profits of the European Central Bank, some one billion euros this year, no longer to be distributed to the member states, including Malta.

"Instead they would be retained to form part of a proposed central fund by which to manage eurozone affairs centrally."

Dr. Sant said he voted against this proposal, which is in line with other proposals to set up a minister of finance for the eurozone as a whole. "Something of the sort was proposed this week by Italy while Germany and France are preparing similar proposals. So is the European Parliament."

The Head of the Maltese Labour Delegation at the EP repeated his claim that the Maltese people are not sufficiently aware of the direct impact on their lives of decisions being taken or not taken in Brussels by the EU.

" The most salient issue there at the moment is the migration crisis, but things are also moving for change in the management of the eurozone, of which Malta forms part. Here proposals are being made for greater integration of euro decision, that will eventually go to the top of the agenda."

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