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The Economic Adjustment Programme for Portugal. Fourth review – Spring 2012

Author(s): European Commission

The Economic Adjustment Programme for Portugal. Fourth review – Spring 2012pdf(5 MB) Choose translations of the previous link 

Summary for non-specialists pdf(14 kB) Choose translations of the previous link  

A joint Commission/ECB/IMF mission met with the Portuguese authorities in Lisbon from 22 May to 4 June 2012 to assess compliance with the terms and conditions of the Fourth Review of the Portuguese Adjustment Programme. This report provides an assessment of compliance and summarises the findings of the mission.

While Programme implementation remains overall solid, risks have increased over past months. Apart from fiscal risks, risks are related to the continued tensions in the euro area which may impact on the Programme through various channels, affecting for instance the real economy (growth, trade and investment), financial markets, or confidence, including general contagion risks. Developments in this respect require close monitoring to ensure timely policy response to deviations from programme projections.

(European Economy. Occasional Papers 111. July 2012. Brussels. Paper and internet. 121pp. Tab. Ann. Bibliogr. )

KC-AH-12-111-EN-N (online)
ISBN 978-92-79-22904-6 (online)
doi: 10.2765/23410 (online)

JEL classification: E61, E62, E66, F16, F32, F34, H1, H2, H5, H6, H7, H8

Occasional Papers are written by the staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and cover a wide spectrum of subjects. Views expressed in unofficial documents do not necessarily reflect the official views of the European Commission.