I would do anything to continue the process of budget consolidation – EURACTIV.com


Prime Minister António Costa told European Central Bank (ECB) President Christine Lagarde on Wednesday that he would do everything in his power to ensure that Portugal continues the process of fiscal consolidation and sound public finances .

In his speech, which made no direct reference to the current Portuguese political crisis, the prime minister warned that governments’ economic, social and fiscal policies “do not work in isolation and their effectiveness and reach are affected by central bank actions “.

“Promptly adopted measures were essential to – and unlike the previous financial crisis – to ensure financial stability, to ensure the necessary supply of liquidity and to avoid the fragmentation of markets which, in a context of high uncertainty, would have hampered national responses in the face of many Member States. ,” he said.

Costa then said that the costs of issuing public debt remained “at historically low levels”.

“Unlike the previous crisis, companies have not seen their access to credit limited, in a particularly critical period of their activity; the interest rates facing businesses have remained at historically low levels, ”he added.

“In the Portuguese case, employment is already above the pre-pandemic level and unemployment is below the pre-pandemic level. On the other hand, the first half of 2021 saw the highest level of business investment in Portugal since the records began, ”said Costa.

The Prime Minister explained that the response of the European System of Central Banks is vital to ensure a policy mix that does not jeopardize the economic recovery and strengthen and strengthen it instead.

(Pedro Morais Fonseca | Lusa)


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