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A Convergência Monetária: Portugal e a União Europeia

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  • Francisco Torres

    () (Universidade de Aveiro)

Abstract

In Portugal, as in most other European Union (EU) countries, the challenge of Economic and Monetary Union (EMU) has worked as a mechanism for economic stabilisation. However, the political consensus on the participation in EMU did not develop with respect to the need for implementing structural reforms and abolishing many of the policy distortions affecting the economy and to other goals of European integration, such as environmental quality, consumer protection or internal social cohesion, all of them pre-conditions for long-term development. Moreover, the objectives of EMU price stability and sound public finances were also not internalised in that consensus, although they were behind some crucial policy decisions, such as to join the EMS in 1992. During the entire macroeconomic convergence phase European monetary reform was regarded as an unavoidable external constraint that went together with an exogenous political objective. It was only due to the political consensus on not being left out of the EU core that the necessary consensus could be maintained to pursue a policy compatible with the objective of EMU participation throughout the heights of the European recession in Portugal (1993/94), the electoral year of 1995 and the two first years of a new legislature (1996/97) with a minority Government of a different political colour. This lack of internal objectives and economic and political strategy of integration surfaced and the political and social consensus broke once Portugal had joined EMU upon its inception, leading to the current economic crisis.

Suggested Citation

  • Francisco Torres, 2006. "A Convergência Monetária: Portugal e a União Europeia," Working Papers de Economia (Economics Working Papers) 39, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
  • Handle: RePEc:ave:wpaper:392006
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    Cited by:

    1. Jesús Fernández-Villaverde & Luis Garicano & Tano Santos, 2013. "Political Credit Cycles: The Case of the Eurozone," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 145-166, Summer.

    More about this item

    Keywords

    Portugal; European Union; macroeconomic stabilisation; monetary and fiscal policy; economic reform;

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • F02 - International Economics - - General - - - International Economic Order and Integration

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