The Path towards Economic and Monetary Integration: The Portuguese Experience
AbstractThe Portuguese economy initiated its path towards economic and monetary integration in 1960 by taking part in the group of countries that founded the European Free Trade Association. Since then until the adoption of the euro as the national currency in 1999 a long path was followed. The economic and financial integration process has been successful and benefited from the support of a large majority of domestic agents. Along this path the country witnessed substantial real and nominal convergence to the European Union average. However, Portugal is still lagging behind and important challenges lie ahead. Economic and financial integration in the EU was a catalyst for needed economic reforms, it increased the degree of openness and the gains from trade and facilitated nominal convergence through clearly defined and politically assumed macroeconomic objectives. Nevertheless, as the recent years in Portugal illustrate, financial and monetary integration do not guarantee sustainable economic growth nor avoid macroeconomic imbalances. Only continued increases in total factor productivity based on effective supply-side policies can deliver these results.
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Bibliographic InfoArticle provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.
Volume (Year): 53 (2003)
Issue (Month): 9-10 (September)
economic and monetary integration; Portuguese economy;
Find related papers by JEL classification:
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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