|
Algarve |
![]() |
|
|
EC assesses stability programme of Portugal
• 08 Mar 2007 •
 AFTER having examined Portugal’s updated stability programme, the European Commission (EC) concluded that significant structural budgetary adjustment is under way.
The EC, however, stressed that the achievement of the medium-term budgetary targets is surrounded by risks, and strong efforts to further consolidate public finances are still required, adding that the fiscal policy strategy of Portugal is broadly consistent with a correction of the excessive deficit by 2008, conditional on the full and effective implementation of the measures envisaged and on the adoption of additional measures in case of lower-than-projected economic growth.
The EC also said that Portugal is still at high risk regarding the long-term sustainability of public finances.
“Portugal is making a big effort to correct its deficit next year, but should stand ready to implement additional measures in case risks materialise and ensure rapidly, thereafter, a sufficient safety margin against breaching the 3 per cent rule,” said Economic and Monetary Affairs Commissioner Joaquín Almunia.
Portugal submitted a new update of its stability programme on December 15, 2006, covering the period 2006-2010. The programme aims at correcting the excessive deficit by 2008, the deadline set by the European Council, on the basis of structural measures within a medium-term framework.
The EC recommended that Portugal should pursue the ongoing reform of public administration, as well as continue strengthening the budgetary framework, including the assessment and control of budgetary execution at all levels of the general government, notably in order to attain the planned expenditure containment and, in view of the level of debt and the projected increase in age-related expenditure, improve the long-term sustainability of public finances by achieving the medium-term objective and by securing and possibly enhancing the benefits of the adopted pension reforms. |  Return to Top
Home Page
Send by Email |
|
Share on Facebook
|
|
|
|
|
|
|
![]()
| Birthdays |
| |
Donald Fagen (Steely Dan) - 60 - American musician/songwriter,
Patrick Dempsey - 42 - American actor,
Steve Harwell - 41 - American singer (Smash Mouth), |
|
| |
more... |
|
 |
|
