Malta is a touristic haven but certainly not a tax haven, according to French President François Hollande, who is satisfied with its “strong” banking system.
During a meeting with Prime Minister Joseph Muscat, French President Francois Hollande spoke positively of Malta´s economic and banking systems noting that while Malta is an economic, touristic and cultural haven, it is not a tax haven.
Mr Hollande made it clear there is no comparison between Malta and other EU countries and shot down any associations made between Malta and Cyprus. As a result of strong legislation, Malta is a secure place for investors, the two leaders agreed.
Prime Minister Joseph Muscat, who met with President Hollande at Place Elysée, in Paris on Wednesday afternoon, said this reaction is not only important as part of the bilateral relations between the two countries, but also within the EU context because Mr Hollande is the leader of one of the largest EU countries. Dr Muscat was accompanied by Deputy Prime Minister and EU Affairs Minister Louis Grech, as well as Foreign Affairs Minister George Vella.
Mr Hollande also noted that Malta wants to play a full role in the EU banking union – one of the key projects intended to improve the economy of the 17 countries sharing the euro. It would help eliminate many of the problems that now hold back the credit flow needed to finance a eurozone economic recovery.