Explanatory Memorandum to COM(2013)763 - Approval of the update of the macroeconomic adjustment programme of Portugal

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dossier COM(2013)763 - Approval of the update of the macroeconomic adjustment programme of Portugal.
source COM(2013)763 EN
date 05-11-2013
Upon a request by Portugal, the Council granted financial assistance to Portugal on 17 May 2011 (Council Implementing Decision 2011/344/EU) in support of a strong economic and reform programme aiming at restoring confidence, enabling the return of the economy to sustainable growth, and safeguarding financial stability in Portugal, the euro area and the EU.

In line with Article 3(10) of Decision 2011/344/EU, the Commission, together with the International Monetary Fund (IMF) and in liaison with the European Central Bank (ECB), has conducted the combined eight and ninth reviews review to assess the progress on the implementation of the agreed measures as well as their effectiveness and economic and social impact.

Taking into account of intervened information, by proposal [insert reference] the Commission has proposed to amend Decision 2011/344/EU.

An additional decision is necessary following the entry into force of the 'two pack' (specifically, Regulation (EU) No 472/2013) which also disciplines how policy conditionality underpinning an economic adjustment programme is to be modified. Regulation (EU) No 472/2013 applies to existing macroeconomic adjustment programmes that are in place as of its entry into force which, as a consequence, requires that adjustments follow the Article 7(5) procedure.