At all events, protecting Portugal is not overstretching the available resources. In addition, the euro-area heads of government agreed a so-called Euro-Plus Pact. Under the terms of this pact the countries concerned are committed to announce and implement a set of actions to improve their competitiveness.
In particular, the countries should link the age of retirement to demographic change and the development of labor costs to the corresponding gains in productivity. Furthermore, a reform of the Stability and Growth Pact aims to enhance the surveillance of fiscal policies. For observers outside Europe this variety of decisions and instruments may appear puzzling or, at least, complex and complicated.