Central Bank should preserve its independence and credibility PN

The Nationalist Party yesterday advised that the Central Bank of Malta should not be used for partisan matters.

In a statement issued by Mario de Marco and Kristy Debono, the PN said the Central Bank of Malta is undoubtedly one of the most important institutions with its to champion economic, financial and price stability.

In carrying out its functions, the Central Bank is accountable to the European Central Bank since the Central Bank is an integral part of the euro system. One of the fundamental characteristics in Central Banking is independence and credibility.

The Central Bank of Malta is a fully independent body in terms of article 5(2) of the Act, article 7 of the ESCB Statute, and article 130 of the Treaty on the Functioning of the European Union.

In view of this, the recent claims by the media that Labour chant took place during a social gathering for employees is a serious allegation.

These allegations have been reaffirmed by an eye witness after the Central Bank issued a press release denying earlier reports.

The Central Bank failed to preserve its independence and is now being accused of attempting a cover up - two very serious accusations.

The Minister of Finance’s silence on the matter is deafening.