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President Barroso ensured Prime Minister Passos Coelho the European Commission's continuous support to Portugal during the crisis. He said that measures such as extension of deadlines, lower interest rates and a better use of structural funds, have already eased the impact of the country's adjustment programme.
The President also congratulated the Portuguese government on its efforts to complete the adjustment programme and to bring the country on its right path. The reform programme is a necessary precondition for a sustainable return to the markets.
For the first time in two years, the Portuguese economy has grown, reaching +1.1 per cent of growth in the second trimester of the 2013. In its autumn forecasts the Commission has confirmed that Portugal's GDP in 2013 has fallen less than expected. Portugal is also gaining market share in exports for the third consecutive year. "We can’t put at risk everything we have achieved", the President said.
Unemployment is still a major concern, the President pointed out. The President also mentioned the Portuguese industry modernisation namely the creation of new companies, led by younger and more qualified entrepreneurs.
President Barroso believes that Portugal will come out of the crisis stronger; growth, the President said, has to be grounded on structural reforms and less on external debt. He also emphasised the fact that Portugal needs to regain confidence, proofing that the country is able to meet its obligations. For that purpose, a broad political and social consensus is essential.
The reforms for competitiveness were also discussed. For the European Commission the financing of the economy is a priority, as access to credit remains too limited. The deepening of the EMU and measures to fight unemployment and create new jobs were discussed as well.
The President announced that Portugal will count with €19.6 billion for investment in the frame of the EU budget for 2014-2020.
Full speech (in Portuguese)