He was an important member of the governing council of Democrazia Cristiana (the Christian Democratic party), where he became chief of the political bureau and covered several institutional charges.

In Democrazia Cristiana, he was a member of Dossetti's lobby, together with Amintore Fanfani, Aldo Moro, and Giorgio La Pira.

He served as minister for Foreign Affairs (1979–1980), Finance (1978–1979), Education, Industry, State holdings, and Telecommunications.

The "Malfatti Commission" began as the integration process was relaunched: the EC adopted a financial framework and competed for the single market.

Politically close to Aldo Moro's lobby, Malfatti was among the participants in Bilderberg meetings.