What is important is that the government can convince markets and other euro area countries and the European Union that the programme will continue without hesitation. Growth in Portugal has started to become sustainable, which is new. The main question is whether there will be any doubts about the continuity of the reform programme. The precautionary programme would certainly help to dissipate doubts.
In a clean exit scenario, the Government should make a credible commitment to continuing the reform process. Ultimately, what matters is credibility. But it is the Government’s decision. Q – You mean that the ECB does not need to have a defined position?