Servizzi Finanzjarji

Nistħajjel li saret għal tal-apposta imma m’inix konvint li hi strateġija tajba. Id-dokument ta’ konsultazzjoni dwar il-futur tal-Awtorità tas-Servizzi Finanzjarji hu miktub bi stil ġenerali, ħlejju imma xott li donnu jbattlu minn kull kontenut. L-idea x’aktarx kienet li b’hekk, jitħalla kull spazju ħalli l-professjonisti finanzjarji fir-reazzjonijiet tagħhom iħossuhom ħielsa jikkumentaw kif jixtiequ.
Imma dawn huma nies imħarrġa, bi proposti msajra fl-esperjenza, u mhux se joqgħodu lura milli jitkellmu ċar.
Wieħed kien jistenna li d-dokument jippreżenta talanqas analiżi tas-suq fis-servizzi finanzjarji fejn tinsab Malta u għaliex irriżulta suċċess f’oqsma u mhux f’oħra. X’inhuma l-perspettivi u t-theddid fl-oqsma ta’ suċċess? X’inhuma l-perspettivi f’setturi ġodda u qodma fejn aħna ma qbadniex art? Metodu bħal dan ma kienx se jagħmel xi ħsara kompetittiva peress li l-operaturi u l-klijenti, barranin u Maltin, jafu tajjeb kif is-suq qiegħed isuq.
JEKK TISĦON WISQ
Meta magna tirranka bil-kbir u tibqa’ għaddejja bla waqfien, is-sogru jkun li tisħon wisq. L-istess l-ekonomija: żgur li s-sogru qed jiżdied li l-ekonomija Maltija tibda riesqa lejn din il-kundizzjoni.
Biss iċ-ċifri għadhom iserrħulna rasna dwar dil-ħaġa. Bil-maqlub ta’ x’jiġri s-soltu, ir-rata tal-inflazzjoni tinsab allineata tajjeb mal-medja tar-rata fiż-żona tal-ewro. Jista’ jkun li dan qed jiġri minħabba l-livelli eżistenti tal-prezz taż-żejt u l-preżenza fostna ta’ bosta ħaddiema barranin li relattivament, qed jitħallsu bil-baxx.
Min-naħa l-oħra hemm indikaturi, l-aktar ta’ natura impressjonistika, li jixegħlu bozza ħamra: il-kirjiet residenzjali li telgħin sew fil-prezz; il-konġestjoni fit-toroq; it-taħwid li qed jinqala’ fl-ippjanar u fil-bini.
Fil-verità l-ekonomija qed tinbidel strutturalment b’mod li ma jixbahx il-modi kif tul l-aħħar deċennji, kienet inbidlet.
ARTI
Iċ-ċifri li ssemmew dan l-aħħar dwar kemm nies qed isibu xogħol fil-qasam tal-arti u l-kultura kienu nkoraġġanti. Hu sinjal ta’ żvilupp kulturali li kien ilu meħtieġ fis-soċjetà tagħna fejn l-arti u l-kultura għal żmien twil baqgħu jitqiesu bħala oqsma ta’ passatemp u żvog għad-dilettanti. Mhux aktar.
Madankollu tajjeb li nżommu saqajna mal-art fis-sens li nkunu nafu kemm mill-impjiegi huma finanzjati mill-istess ħidma li jiġġeneraw, u kemm minn sussidji publiċi. Dan għax qatt ma tista’ tinsa li kull ekonomija tgħaddi minn żmien ta’ espansjoni u minn żmien ta’ dwejjaq meta kmieni jew tard, l-ispiża publika trid tiġi mrażżna.
F’sitwazzjoni ta’ reċessjoni, fost l-ewwel u l-aktar li taqlagħha, hi l-ispiża fuq arti u kultura. Hekk ġara fil-pajjiżi Ewropej wara l-kraxx finanzjarju tal-2008/9. Ħafna artisti u attivisti kulturali spiċċaw qgħeda, u mgħaddba għax ħassewhom ittraduti.

English Version – Financial services

I guess that it was chosen on purpose but I am unconvinced it’s the correct approach. The consultation document about the future of the Financial Services Authority is written in a general way, bland but dry to the point that it seems to lack all content. Probably, the idea was that like this, financial services professionals would feel totally free to make all the comments they wished to share.

However, these are well established people. Their proposals would be honed by long experience. In any event, they would not keep back from making their views known.

In the document one would have expected at least an analysis of the financial segments where Malta plays, as well as why some areas of activity have been a success, others not. What are the perspectives and threats in the successful segments? What prospects are emerging in new and old segments where we have failed to make inroads? Such a method of presentation would not have caused competitive harm, since operators and clients in financial services, both foreign and Maltese, would already know quite well just how market forces are shaping up.

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Overheating

When an engine revs up in a big way and goes non-stop, it runs the risk of overheating. So does an economy. The risk is certainly increasing that the Maltese economy could be moving towards such a state of affairs.

Still, on this point the available data is not worrisome. Contrary to what usually happens, inflation is well aligned with the average rate for the eurozone. This could be happening due to the prevailing oil prices, as well as the presence on the island of many foreign workers who are being paid relatively low wages.

On the other hand, there are indicators, mainly impressionistic, that are flashing a red light: residential rents, which are climbing steeply; congestion in roads; the current mayhem in land use planning and in construction.

Actually the economy is undergoing structural changes on lines that do not resemble at all how it did change in past decades.

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The arts

Statistics mentioned recently about the number of people who are getting employed in the arts and in cultural initiatives, are encouraging. They signal that a cultural development that had long been necessary has finally occurred in our society. It used to consider the arts and culture as sectors to be outsourced to dilettantes, as their pastime and for their recreational relief. Not any more.

Yet, one should realistically take into account the extent to which the jobs currently being held are self-financing on the basis of the activities they generate, as well as the extent to which they depend on public subsidy. One can never forget that all economies go through expansionary periods followed by a recession or other, so that sooner or later, public expenditure will need to be curtailed.

At that point, among the first sectors to be hit, and then quite severely, usually comes expenditure on the arts and culture. That’s what happened in European countries post the financial crash of 2008/2009. Many artists and cultural activists lost their jobs, and ended up angry and frustrated at what they felt was a betrayal.