The first is the creation of a political consensus on the Portuguese economic policy leeway. This political consensus is not the same as “unanimity”, it is, rather, the acknowledgment of economic policy limits and the curtailment of the political discussion to those limits resulting from our external financing constraints and public indebtedness. The second condition is consensus among social partners.
Moreover, a heightened sensitivity to financial innovation and the regulatory perimeter, a renewed focus on consistent and timely implementation, as well as more rigorous supervision will help safeguard against risks arising from or concentrating in a non-banking sector. Conclusion and the road ahead In all, the Committee has taken major steps to move the banking system to a much higher level of resilience.