Of course we can always think, as good planners, that we could have extended the time of the fiscal adjustment process, made it more gradual, made the measures more balanced, but there  BIS central bankers’ speeches  3  was no time and there were no European instruments to deal with this.
I think we did what we had to do in Europe, including in Portugal. Q – Do you consider it important to have a broader political consensus? A – It is key to have ownership. The more ownership there is at the national level, the more it can be demonstrated that reforms will be maintained and the less a precautionary security mechanism is needed.