Central Bank of Malta Governor, Professor Edward Scicluna, addressed the Annual Conference of Mediterranean Central Banks held in Istanbul, Turkey, on 31 October 2022.

In his intervention, Governor Scicluna spoke about the challenges the monetary policymakers are facing in the current macroeconomic and geopolitical environment, and the obligation Mediterranean countries have to explain their respective position and its relevance to this region. This is particularly so as financial instability in any one country does not help the attractiveness of the whole region in the eyes of the investor. The Governor stressed the importance that decisiveness in tackling high inflation must come with the flexibility to address the possible side-effects from policy normalisation.

In concluding, the Governor said that fiscal policy should be deployed to support the most vulnerable by means of targeted and temporary measures so that central banks' effort to restore price stability is not jeopardised. At the international level, there is scope for greater cooperation to prevent financial stability risks from materialising and to bring inflation down without jeopardising economic and social development. 

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Governor Edward Scicluna together with other participants during the Annual Conference of the Mediterranean Central Banks