European Commission Directorate-General for Economic and Financial Affairs
(European Economy. Occasional Papers. 79. June 2011.
Brussels. Paper and internet. 114pp. )
KC-AH-11-079-EN-N ISBN: 978-92-79-19332-3 ISSN: to be announced
This report by European Commission staff provides an overview of the challenges faced by Portugal and the objectives and design of the economic and financial programme.
Following a request by Portugal on 7 April 2011, the European Commission, ECB and IMF negotiated an Economic Adjustment Programme, aimed at restoring confidence, enabling the return of the economy to sustainable growth, and safeguarding financial stability in Portugal, the euro area and the EU. The Programme was agreed by the European Council on 17 May 2011. It covers the period 2011-2014. The programme foresees comprehensive action on three fronts: a credible and balanced fiscal consolidation strategy, efforts to safeguard the financial sector and deep and frontloaded structural reforms too boost potential growth.