Memo: Statement by the EC, ECB, and IMF on the Sixth Review Mission to Portugal

Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon during November 12 - 19 2012 for the sixth quarterly review of Portugal’s economic programme.

The programme is broadly on track, despite stronger headwinds. With much already accomplished, strong commitment and perseverance need to be maintained as the programme enters its second half. External and fiscal adjustment continues to advance, adequate capital and liquidity buffers have reduced financial stability risks, and structural reforms are proceeding apace. At the same time, rising unemployment, lower incomes, and uncertainty are weighing on confidence, while the recession in the euro area is beginning to bear on export dynamics. Given financing constraints and high debts, the programme adequately balances the need to adjust, against the unavoidable costs of adjustment for economic activity and jobs.

• Primary Source

European Commission: Memo/12/880: Statement by Vice President Rehn on the conclusion of the Sixth Review Mission to Portugal http://europa.eu/rapid/press-release_MEMO-12-880_en.htm

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