A convergência para a União Económica e Monetária: objectivo nacional ou constrangimento externo?
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.
|Date of creation:||2007|
|Contact details of provider:|| Postal: Núcleo de Investigação em Políticas Económicas, Escola de Economia e Gestão, Universidade do Minho, P-4710-057 Braga, Portugal|
Phone: +351-253604510 ext 5532
Web page: http://www3.eeg.uminho.pt/economia/nipe/versao_inglesa/index_uk.htm
More information through EDIRC
|Order Information:|| Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mathias Dewatripont & Francesco Giavazzi & Jürgen von Hagen & Ian Harden & Didier Baudewyns & Gérard Roland & Howard Rosenthal & André Sapir & Guido Tabellini, 1995. "Flexible integration: towards a more effective and democratic Europe," ULB Institutional Repository 2013/9541, ULB -- Universite Libre de Bruxelles.
- Francisco Torres, 2007.
"The long road to EMU: The Economic and Political Reasoning behind Maastricht,"
Working Papers de Economia (Economics Working Papers)
50, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
- Francisco Torres, 2007. "The long road to EMU: The Economic and Political Reasoning behind Maastricht," NIPE Working Papers 23/2007, NIPE - Universidade do Minho.
- Eichengreen, Barry & Ghironi, Fabio, 1995. "European Monetary Unification: The Challenges Ahead," CEPR Discussion Papers 1217, C.E.P.R. Discussion Papers.
- Blanchard, Olivier & Jimeno, Juan F, 1995. "Structural Unemployment: Spain versus Portugal," American Economic Review, American Economic Association, vol. 85(2), pages 212-218, May.
When requesting a correction, please mention this item's handle: RePEc:nip:nipewp:21/2007. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maria João Thompson)
If references are entirely missing, you can add them using this form.