Although it’s favoured practice among the Maltese to still refer to a 5c piece as the now discarded ‘xelin’ (shilling), there is no doubt that the Lira is on its way out of the people’s consciousness.
And as time goes buy, it will become easier for the Maltese to calculate purchases in euro, and also compare prices of products found in Malta, with those in other parts of the eurozone.
So could the increased awareness of the cost advantage of certain items from other countries, present a threat to the Maltese importer? Will cheaper cars advertised on Italian TV, further shine a bad light on the over-priced motors and their high registration fees in Malta?
Competitiveness Minister Censu Galea told MaltaToday he agrees that in time it will be easier to make such price comparisons. “I am sure it will bring out the cost advantage over certain products bought in Malta as opposed to more expensive products sold in other European countries. That said, in the next few months we will come to a point where we will need to carry out an analysis of this specific situation. However, we must allow some time before we evaluate the plusses and minuses.”

Asking people in Merchants’ street, Valletta
How have the first days of conversion affected consumers? Are we thinking in euro already, and are we comparing our prices to those in other EU countries? Do we need the euro to do our math and make simple comparisons?

Matthew Borg, technician
It is far too early to compare prices from euro to euro. We’ve only started using the euro a few days ago and we need time to get used to it without converting to Lm.
I still make sure to compare Maltese prices for similar products sold abroad but I do it by converting euros to Lm. What I can say is that in my last trip to Germany I saw that in general Frankfurt is extremely expensive in comparison to Malta. The surrounding villages however are far cheaper than what you find in the city core, and sometimes also cheaper when compared to Malta. This huge between different areas or regions of one country is normal in Germany, whereas in Malta this gap is less obvious.

Therese Azzopardi, and daughter Kyra, who live in Toronto
Back home we use the Canadian Dollar, but at the same time we’re very much used to the euro since we travel very often to Europe. My daughter lived in Paris for a while too. I feel more comfortable using the euro in Malta because I understand the currency better. I am not very familiar with the Maltese lira since I haven’t actually lived here for thirty years now. My better understanding of the euro has helped me compare prices not only to those in other European Countries but also to Canada since the conversion of euro to dollar comes easier to me. What I can say with regards to prices in Malta is that when compared to Europe the difference is negligible when it comes to products. Services on the other hand seem to be considerably cheaper in Malta.

Martin Zammit, company director
I travel often to Frankfurt when I would be on transit for long haul business trips. I feel I am at an advantage since due to my work exigencies I have trained myself to convert Euros to Lm quickly. When I’m on my way home from a business trip I often buy clothes, gifts of toys for my children. I can’t vouch for other items but when it comes to what I purchase, prices are often very similar to Maltese prices. Shopping aside, consumables in Frankfurt are extremely more expensive. All it takes is comparing soft drinks, coffee and cigarettes. I know of this comparison because I already went through the process of converting its price into Lm. I would be in a better position to compare when I start thinking in Euro but for now I’m still getting used to it.

Paul Magri, company director
I’m still at a stage where I convert euros to Lm when I think of prices – I don’t think in euro straight away. Since I travel often I can make price comparisons quite quickly and although I do think of products abroad in terms of Lm to get an idea of how much they cost I am not at all into the habit of seeing whether they are cheaper or more expensive than Malta. The last time I went abroad was a few months ago when I visited Holland. Some products there are so different that you cannot calculate simply in terms of price. OK, beer there is more expensive in Holland but it’s a different type of beer produced in a country with different commercial and cultural realities. Paris is evidently more expensive, but one should calculate a different lifestyle, different salaries and a different cost of living altogether.

Raymond Zampa, shop owner
Because of the nature of my business I travel a lot to Greece and to Italy. I have made an effort to forget the Lm completely and think in Euro. That said you don’t have to go through this exercise to make price comparisons. It doesn’t take much to realise the difference when you’re charged €20 for a couple of cokes in Paris. In Malta we’re cheaper because people in business make lower mark-ups.

Mike Quinton, planning technician
It is far easier to compare prices now that we are getting more used to the euro. The last time I travelled was on a trip to Holland last May. I don’t remember prices off the cuff but I’m sure that more or less prices are very similar. Items that are slightly more expensive will make up for prices that are slightly cheaper. Then of course it very much depends on what you’re buying.