When in electoral mode, Malta blocks itself in all aspects. Business in general slows down (apart from the bars where the mass meetings are held). This may be tolerable once every five years, and is to a certain extent healthy, as it makes some think of the performance of a country in the previous five years with a vision to where the country needs to be taken in the next five years.
With the European Parliament and that of the local councils, Malta started having this stale position once a year. This may be rectified with the new local council elections propositions and reduced. However, Malta seems not to be happy with this. The lack of entertainment on the island seems to have led the Maltese to want a regular political match. However, this is not healthy at all as tensions go high, business slows down and uncertainty which is the worst thing of all is created.
The current political scenario tension has grown in an unacceptable manner. Certainly, it has blocked an industry and international damage to the financial services industry (and not only) is being done. The language being used is far from a respectable one and the way media and politicians are interrelating is to say the least unethical. Misrepresentations and out of context reporting became the norm confusing the general public.
After two months of quasi election mode in an ugly way it is time to take decisions, unlock the country from the mental prison it went into and ensure to come up with a plan to mitigate the damage done. There is a lot to do from both Government as well as the opposition amongst others. To do this one may have to take decisions which go beyond the resignation or not of a Minister, the Chief of Staff and the Chairperson at the MFSA. The parties need to gear to re-establish the serenity the country needs in order to continue on its economic growth.
There was an agreement between the political parties to support the financial services industry. This agreement has been going on since 1989 but it seems that since the introduction of the Individual Investor programme the parties went apart. The reality is that both parties made huge mistakes in the way they have addressed the matter particularly in the aggressive way it was handled. The Maltese now expect that Government comes out with a strong corporate governance example and that the opposition assists Government in bringing back serenity and in ensuring to increase the attractiveness of Malta for investors.