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11 NEWS 30.11.2023 viously means doing our part in favour of a better environment. But in the end, this effort is ultimately benefiting our cli- ents because the huge savings we have achieved to date, have helped us contain our pricing vis-a-vis our clients through- out 2023. With our now complete and fully operational Genoa Logistics Hub, which is owned and managed by Express Trailers, through which we can operate with fewer trips and therefore be more efficient, optimise cargo loads with less fuel consumption and more sustainable operations, the above figures can only im- prove. Tell us more about your Genoa Hub, please. Express Group's €6 million, 4,500 sqm Logistics Hub in Genoa marks a signif- icant leap for international expansion, optimizing operations across Europe. Positioned strategically, the hub enhanc- es efficiency, compliance with mobili- ty regulations, and sustainability. e adoption of multi-modality and opti- mized route networks not only stream- line operations but also achieves notable CO2 reductions. Complementing this, an on-site PV system contributes to fur- ther environmental gains, reinforcing Express Group's commitment to sustain- able logistics. It is a fact that as an island, Malta remains very disadvantaged... As an island, Malta already has connec- tivity disadvantages within the EU. But besides having to combat our geograph- ical restrictions, we have also had to face the disadvantage of EU regulations that continued to place more pressure on driv- ing times caused by the cabotage system and other combined transport directives. is forced us to drastically reduce transit times from Malta to Europe by reducing driving time on the road such as our in- creased use of the port of Genoa rather than other ports. But road transport however comes with its pressures and challenges. For cargo to reach Malta, one would typically be looking at weekly round trips of nearly 3,000km. (For context's sake, this distance covered in 3 weeks is equivalent to an av- erage one year of driving in Malta.) Now the EU's recent ETS Directive has become our most pressing concern be- cause we are being made to face increased financial costs for using the only means of transport we are obliged to use – the sea. In principle, the directive means well because it seeks to address environmental concerns. But in practice, this is unfair for Malta because we have no other option, and these costs will ultimately have to be borne by the end consumer. only way forward' Express Group's Genoa Hub which has just been officially inaugurated, is now allowing Express Trailers to optimize its route networks, streamline operations and achieve notable CO2 reductions. PROF. Edward Scicluna, Governor of the Central Bank of Malta, gave his traditional annual address at the Insti- tute of Financial Services Malta's an- nual dinner. Scicluna said that the sudden rise in inflationary pressures prompted the European Central Bank (ECB) to withdraw monetary policy accommo- dation and initiate a steep rate-hiking cycle, raising ECB key policy rates by 4.5 percentage points as of November 2023. "Monetary conditions are now firm- ly in restrictive territory", he said, emphasizing the importance of price stability, which preserves purchasing power and rewards productive work. Stable prices are a necessary condition for sustainable and inclusive econom- ic growth. e effects of the monetary policy tightening are already evident, with euro area inflation falling to 2.9% in October 2023. Scicluna argued that, barring exog- enous shocks to the global economy, the European Central Bank is on tar- get to achieve its 2% inflation target over the medium term. Despite the sharp monetary policy tightening, the euro area economy has been relatively resilient, with un- employment rates at historical lows. However, Scicluna noted that a short technical recession within the Euro area remains a possibility. While the decline in inflation is sup- ported by the resolution of supply chain bottlenecks and the impact of restrictive monetary policy on im- ported goods and services, Scicluna warned that several domestic factors are pushing in the opposite direction. A dynamic economy buoyed to some extent by subsidies, together with a weak pass-through of tighter mone- tary policy on bank deposit and lend- ing rates in Malta were singled out as the two main forces delaying the re- turn of inflation to target. e weak monetary policy pass- through in Malta implies that other policy areas leading to growth be- come more relevant. Lifting the sup- ply potential of the economy through the efficient allocation of NextGener- ationEU funds is key, as is the align- ment between monetary and fiscal policies. Macroprudential tools could also be deployed to correct imbalanc- es and reduce risks in banks' portfo- lios. Scicluna said it would be a mistake to assume that a rate cut is imminent, as international tensions persist and un- certainty prevails. e ECB Govern- ing Council will, nevertheless, ensure that inflation returns to its 2% medi- um-term target in a timely manner. Governor's address at the annual dinner of the Institute Of Financial Services Malta Central Bank Governor Edward Scicluna said that, barring exogenous shocks to the global economy, the European Central Bank is on target to achieve its 2% inflation target over the medium term

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