Financial Liberalization and Adhesion to EMS — Dynamics of Adjustment in Portugal

Antão, Mário Alexandre Guerreiro; Brito, Paulo

doi:10.1007/978-1-4615-3638-3_2

Cited by 1 publication

(9 citation statements)

References 7 publications

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“…The EMU deepened Portugal’s ‘real’ integration within the European project. If the dismantling of barriers to trade was the first step towards European integration, a deepening of economic integration through the sphere of finance, constituted a second stage (Antão et al., 2009: 33). Financial integration and monetary integration went hand in hand.…”

Section: Portugal’s Financial Architecture and The Emumentioning

confidence: 99%

“…Financial integration and monetary integration went hand in hand. The former took place in the context of preparing for the Single Market and the EMU (Antão et al., 2009; Pinho, 1997). As argued by Santos et al.…”

Section: Portugal’s Financial Architecture and The Emumentioning

confidence: 99%

“…There was a hierarchical element to it since it was made subordinate to the ECB and monetary autonomy was lost. Capital movements were liberalized from 1986 onwards (Antão et al., 2009) and this opened the possibility for a deeper ‘real’ integration through the sphere of finance. Lei Bancaria of 1992 introduced many of the elements of the Single Market Programme Directives (Pinho, 1997: 15).…”

Section: Portugal’s Financial Architecture and The Emumentioning

confidence: 99%

“…Three constitutional revisions opened for a privatization of banking (Rosa, 2014). The first private banks were set up in 1984 and 1985 and they ‘prospered’ (Antão et al., 2009: 428). With the implementation of the Second Banking Directive, barriers to entry for new banks were lifted once and for all (Pinho, 1997: 4–5).…”

Section: Portugal’s Financial Architecture and The Emumentioning

confidence: 99%

“…From a mainstream perspective, the Portuguese financial system was repressed. The reserve requirements and cheap financing of public debt represented a ‘distortion’ and an ‘implicit taxation’ on the banking system (Antão et al., 2009: 419). A Treasury bill market was set up in 1985, and this was ‘the starting point for a public debt market’ (Antão et al., 2009: 422).…”

Section: Portugal’s Financial Architecture and The Emumentioning

confidence: 99%

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‘Banks 1 – Portugal 0’? Financial player entanglements in the Eurozone crisis

Stadheim

2020

Competition & Change

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The euro has been at the heart of the debate about the crisis in the Eurozone. For some, it represents a fixed exchange rate regime, which hampered peripheral countries’ competitiveness, and for others, the European Monetary Union has a ‘flawed institutional design’ and an insufficient degree of integration that engendered the crisis. The present article analyses monetary integration from a materialist perspective. It draws attention to political agency, power and crisis management. The article focuses on the case of Portugal and poses the question of how the country's authorities were compelled to request a rescue package from the International Monetary Fund, the European Central Bank and the European Commission in 2011. It shows that this decision was triggered by the political agency of a series of players within the world of finance, most notably Portugal’s domestic banks, the independent Bank of Portugal and the European Central Bank. Reflecting their material interconnection through the European monetary system, their agency was highly coordinated. The strategies for crisis management that came to deepen the recession were not the result of insufficient European integration – they rather reflected Portugal’s form of integration within the European Monetary Union at the specific moment of crisis.

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Section: Portugal’s Financial Architecture and The Emumentioning

confidence: 99%