The diffusion and depth of the crisis put an extra premium on the role of both Bretton Woods institutions, as providers of financial and advisory services and as facilitators of international dialogue. The economic stimulus that is required is an opportunity to respond to both immediate economic needs and long-term development priorities, building resilience to environmental, economic and social vulnerabilities.
In view of a past history of high inflation, Portugal could be considered a good candidate to illustrate what some critics underline as the great difficulty of a single monetary policy in dealing with a group of heterogeneous economies. In our case, however, the performance of the economy throughout this period does not confirm these possible causes of concern.