Proposal for a COUNCIL IMPLEMENTING DECISION approving the update of the macroeconomic adjustment programme of Portugal
Date: 2013-11-05
Institutions: European Commission
Subjects: Community loan, Portugal, banking system, budget deficit, financial intervention, financial planning, financing plan, public debt, stability programme













EUR-Lex - 52013PC0763 - EN











|



52013PC0763

Proposal for a COUNCIL IMPLEMENTING DECISION approving the update of the macroeconomic adjustment programme of Portugal /* COM/2013/0763 final - 2013/0372 (NLE) */









EXPLANATORY MEMORANDUM
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.
2013/0372 (NLE)
Proposal for a
COUNCIL IMPLEMENTING DECISION
approving the update of the macroeconomic
adjustment programme of Portugal
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the
Functioning of the European Union, 
Having regard to Regulation (EU) No
472/2013 of the European Parliament and of the Council of 21 May 2013 on the
strengthening of economic and budgetary surveillance of Member States in the
euro area experiencing or threatened with serious difficulties with respect to
their financial stability, and in particular Article
7(5) thereof, 
Having regard to the proposal from the
European Commission,
Whereas:
(1)       Regulation
(EU) No 472/2013 applies to Member States already in receipt of financial
assistance, including those from the European financial stabilisation mechanism
(EFSM) and/or European Financial Stability Facility (EFSF), at the time of its
entry into force.
(2)       Regulation
(EU) No 472/2013 sets rules for
the approval of macro-economic adjustment programme for Member States in
receipt of such financial assistance, which need to be articulated with the
provisions of Regulation (EU) No 407/2010 establishing the EFSM when the concerned Member State
receives assistance both from the EFSM and from other sources.
(3)       Portugal
has been granted financial assistance both from the EFSM by Implementing Decision 2011/344/EU on
granting Union financial assistance to Portugal and from the EFSF.
(4)       For
reasons of consistency the approval of the update of the macroeconomic
adjustment programme for Portugal under Regulation (EU) No 472/2013 should be done by reference to
the relevant provisions of Implementing Decision 2011/344/EU.
(5)       In line with Article 3(10)
of Decision 2011/344/EU, the Commission, together with the IMF and in liaison
with the ECB, has conducted the combined eight and ninth reviews to assess the
progress made by Portugal on the implementation of the agreed measures as well
as their effectiveness and economic and social impact. As a consequence of this
review, somes changes need to be made to the existing macro-economic adjustment
programme.
(6)       These
changes are contained in Decision No [insert reference]
amending Implementing Decision No 2011/344/EU.
HAS ADOPTED THIS DECISION: 
Article 1
The measures specified in Article 3(7) to
(9) of Implementing Decision 2011/344/EU to be taken by Portugal as part of its
macroeconomic adjustment programme are hereby approved. 
Article 2
This Decision
is addressed to Portugal. 
Article 3
This Decision
shall be published in the Official Journal of the European Union. 
Done at Brussels,
                                                                       For
the Council
                                                                       The
President