Memo: Statement by the EC, ECB, and IMF on the Fourth Review Mission to Portugal

Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon during May 22-June 4 2012 for the fourth quarterly review of Portugal’s economic programme.

The programme remains on track amidst continued challenges. The authorities are implementing the reform policies broadly as planned and external adjustment is proceeding faster than expected. At the same time, rising unemployment has emerged as a pressing concern.

The need to combine fiscal consolidation with deleveraging private balance sheets while restoring external cost competitiveness remains a difficult balancing act. But the authorities are determined to stay the course of adjustment and reform. Broad-based political support and social consensus is a key contribution to a successful adjustment.

• Primary Source

European Commission: Memo/12/406: Statement by Vice President Olli Rehn on the Fourth European Commission/European Central Bank/IMF Review Mission to Portugal http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/406&format=HTML&aged=0&language=EN&guiLanguage=en

Blog: A Fistful of Euros. European Opinion, 14.7.12: Portugal – Please Switch The Lights Off When You Leave! http://fistfulofeuros.net/afoe/portugal-please-switch-the-lights-off-when-you-leave/

European Commission: DG Economic and Financial Affairs: EU Economic Situation: Economies of the EU Member States: Portugal http://ec.europa.eu/economy_finance/eu/countries/portugal_en.htm

Blog: The Portuguese Economy http://theportugueseeconomy.blogspot.co.uk/

IMF: Portugal and the IMF http://www.imf.org/external/country/prt/index.htm

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