Statement by the European Commission and the European Central Bank following the first post-programme surveillance mission to Portugal

Staff teams from the European Commission and the European Central Bank (ECB) visited Portugal from 28 October until 4 November 2014 to conduct a first post-programme surveillance (PPS) mission. This was coordinated with the IMF's first post-programme monitoring (PPM) mission.

Economic and financial conditions in Portugal had generally improved since the end of the EU/IMF-supported programme in June 2014. Sovereign yields remained low, in line with developments elsewhere in the euro area and normal market-financing was gradually restored. Nevertheless, economic recovery was constrained by high levels of debt in the public and private sector and by an increasingly weak external environment which highlighted the need for further competitiveness gains.

The next post-programme surveillance mission will take place in spring 2015.

• Primary Source

ESO: Background information: Statement by the European Commission, the European Central Bank and the International Monetary Fund on Portugal http://www.europeansources.info/record/statement-statement-by-the-european-commission-the-european-central-bank-and-the-international-monetary-fund-on-portugal/

ESO: Background information: Portugal can learn from Irish recovery http://www.europeansources.info/record/portugal-can-learn-from-irish-recovery/

---