Portugal has “excessive macroeconomic imbalances”

9 March 2016

Portugal was placed in the group of five countries with “excessive macroeconomic imbalances”, announced Tuesday in Brussels by the European Commission’s vice president, Valdis Dombrovskis.

This classification involves the monitoring of economic policies adopted, but for now the Portuguese government has avoided a classification that would lead to immediate negotiations with Brussels for a corrective action plan.

The European Commission decided in November 2015 that 18 EU countries would be subject to a thorough analysis of their economic situation because of suspicions they might have macroeconomic imbalances.

On Tuesday, the College of Commissioners decided, based on these analyses, in which of the four possible categories – “without macroeconomic imbalances”, “with imbalances”, “with excessive imbalances” or “excessive imbalances and the need for corrective action” – each of the 18 countries would be placed.

Based on that decision, Portugal was, like last year, part of the group of five countries that the European Commission said had “excessive macroeconomic imbalances” along with France and Italy and two of the most recent member-states, Croatia and Bulgaria. (macauhub/PT)