The speed and intensity of the response from the tradable sector, in particular exports, was key to the rapid rebalancing of the external accounts and mitigation of the impact of lower domestic demand on the non-tradable sector. The preservation of confidence in the banking sector, as evidenced by the behaviour of deposits.
This was crucial to preventing the economy from collapsing with a credit crunch and avoiding the imposition of capital controls. The macroeconomic adjustment has continued after the programme ended in 2014, with encouraging results. After the end of the programme, Portugal was subject to post-programme monitoring/surveillance by the IMF and the European institutions.