But, the new comprehensive CPI does not have adequate history to support data analysis and to be used as a sole headline measure of inflation. At the same time, the Reserve Bank cannot ignore a price index which arguably reflects the most updated economic structure.
Before speaking about the 2011 assistance programme and the factors that led to it, let me say that this was not the first time Portugal had to resort to official financial assistance. We had already negotiated adjustment programmes with the IMF in 1977–1978 and in 1983.