It is possible, and indeed desirable, to introduce the concept of co-payment by beneficiaries at the widest possible level without compromising the satisfaction of genuine needs. Fourth, there must be acceptance of the need for everyone to contribute to the development of the economy, including through the payment of taxes due. It is highly probable that unless these community values are inculcated in to-day’s rising generations, the economy’s growth prospects will not improve because the resources necessary to undertake the required investments will simply not be available. Fifth, there must be a more effective and focused approach through which Government and its entities support existing export industries and the establishment of new foreign direct investment in Malta. The provision of business advisory and support services must be improved and bureaucratic procedures reduced to a minimum so as to make the most of the opportunities available in a more difficult international trading environment. This new approach would also require a more active participation by Malta in international trade fora at an EU level. It also calls for better co-ordination on these matters within the public administration, and also between Government and the constituted bodies representing the exporting community, whether in industry, tourism or financial and other services. Conclusion Malta’s accession to the European Union has opened up undoubted scope for economic and social advancement. The potential for Malta to successfully exploit this opportunity has been given a clear endorsement by the EU Member States and institutions with this week’s entry of the Maltese lira in ERM II.
These are:   a better access for exports to EU Member States and to other countries with whom the EU has negotiated trade agreements;    heightened competition in the domestic market due to the removal of protectionist measures;    the free flow of factors of production, including labour and capital, between Malta and other EU Member States;    a greater availability of external financial resources; and    an enhanced degree of policy co-ordination between Malta and the other EU Member States, especially in the area of macroeconomic stabilisation, the promotion of economic growth and trade policy. Of these, the free flow of goods, services and capital are the factors that are most likely to have an impact in the short term. They have, indeed, already left their mark on the Maltese economy over the past year. The freedom of movement of labour, together with funding programmes and policy co-ordination are more likely to have medium- to long-term impacts. I shall therefore focus initially on the main opportunities and threats attendant upon the first set of factors. The longer-term consequences of EU accession will be dealt with in the context of the proposed policy orientations.