Following a difficult adjustment period, the Portuguese economy is now recovering and standing on more solid ground – sounder public finances, secured financial stability and growing competitiveness. Notwithstanding, given the magnitude of the economic imbalances accumulated before the crisis, the significant correction achieved in recent years was not yet sufficient to substantially reduce indebtedness and unemployment. While these remain as central challenges, they are also a constant reminder of the importance of keeping the current reform momentum. And keeping the current reform momentum is certainly the biggest opportunity for the future of the economy and of the country itself. It also demonstrates that one of the key lessons from the crisis was learned: prevention is less costly than correction. Thus, in order to consolidate recent results and move towards sustainable growth, the discipline and the determination that ensured the success of the adjustment must continue in all dimensions – both in good times and bad times.

Maria Luís Albuquerque is the Portuguese Minister of State and Finance.

The LSE European Institute (@LSEEI) was established in 1991 as a dedicated centre for the interdisciplinary study of processes of integration and fragmentation within Europe. In the most recent national Research Assessment Exercise, the Institute was ranked first for research in European Studies in the United Kingdom. The LSE European Institute has been a Jean Monnet Centre of Excellence since 2009. 

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