PEC Colloquium Programme for Stability or Growth? – No. 4 in the IDEFF Colloquia Collection

“PEC (The Programme for Stability and Growth – Programa de Estabilidade e Crescimento in Portuguese) raises a series of questions. From the outset, let us say, it is at the very least strange to see that practically on the same date on which the 2010 State Budget has been approved, the PEC programme has been approved, which to a large extent drives a coach and horses through the 2010 State Budget, and which leads us in particular to question the usefulness of the parliamentary institution, and what power national parliaments actually possess nowadays.

The emergence of these stability programmes and, let us say, this crisis of Public Finances has formed an unexpected, or hardly expected, development within the framework of the world economic situation. Of course we are still in a situation where the signs of emergence from the crisis are tenuous, where economic recovery is extremely weak, where financial markets continue to face serious problems, despite the positive signals which have been seen, and above all where a general and thorough revision of the financial situation has not been carried out, particularly in the areas which precipitated the crisis.

It is thus somewhat strange that suddenly all attention has been placed on Public Finances; this is, I believe, one of the first issues which the PEC raises. Are Public Finances really a priority? Is this really the area which needs action to emerge from the crisis, or at least minimise the crisis?”

Opening Session
Eduardo Paz Ferreira