| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.17 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Decorridos 20 anos desde a criação do euro, existem elementos que permitem avaliar o impacto da adesão no desempenho da economia portuguesa. Neste sentido, o presente trabalho constitui um modesto contributo para o debate sobre os problemas da economia portuguesa, a arquitetura da União Económica e Monetária e, pretende também, projetar a discussão no quadro das alternativas futuras.
Mesmo com o sucesso económico dos últimos anos, Portugal está praticamente estagnado desde que aderiu ao euro. Sem instrumentos de política monetária e com a política orçamental fortemente condicionada, as transferências de soberania para a União Europeia fizeram com que o país, e sobretudo os cidadãos, perdessem influência no processo de tomada de decisão.
A rigidez institucional e a incongruência estatutária da União Económica e Monetária impedem respostas rápidas quando os choques assimétricos e as crises necessitam de respostas urgentes. O euro foi apresentado como um símbolo da integração europeia, mas como está constituída a sua arquitetura, na verdade, fez mais pela desagregação da UE do que qualquer outra ameaça. Assim sendo, é crucial reajustar a estratégia de política económica e reformar a UEM, com a finalidade de funcionar para todos os Estados-Membros. Para esse desígnio, o Estado deve assumir o papel central como promotor do crescimento económico, através de medidas concretas, alinhando a política orçamental à política monetária, mesmo além do que, porventura, já é considerado não-convencional.
Twenty years have passed since the creation of the euro, there are elements to assess the impact of this membership on the performance of the Portuguese economy. Therefore, the present work intends to constitute a modest contribution to the debate on the problems of the Portuguese economy, the architecture of Economic and Monetary Union and also to launch the debate on the scope of future alternatives. Nevertheless, the recent economic performance, Portugal has been practically faced an economic stagnation for two decades. Without monetary policy instruments and heavily conditioned fiscal policy, transfers of sovereignty to the European Union meant that the country, and especially the citizens, lost influence in the decision-making process. Institutional rigidity and the statutory inconsistency of Economic and Monetary Union prevent quick responses when asymmetric shocks and crises require urgent responses. The euro was presented as a symbol of European integration, but as its architecture is constituted, it actually did more for the EU's breakdown than any other threat. It is therefore crucial to readjust the economic policy strategy and to reform EMU in order to work for all Member States. To this new momentum, the State must assume the central role of promoting economic growth through concrete measures, aligning fiscal policy with monetary policy, even beyond what is already considered unconventional.
Twenty years have passed since the creation of the euro, there are elements to assess the impact of this membership on the performance of the Portuguese economy. Therefore, the present work intends to constitute a modest contribution to the debate on the problems of the Portuguese economy, the architecture of Economic and Monetary Union and also to launch the debate on the scope of future alternatives. Nevertheless, the recent economic performance, Portugal has been practically faced an economic stagnation for two decades. Without monetary policy instruments and heavily conditioned fiscal policy, transfers of sovereignty to the European Union meant that the country, and especially the citizens, lost influence in the decision-making process. Institutional rigidity and the statutory inconsistency of Economic and Monetary Union prevent quick responses when asymmetric shocks and crises require urgent responses. The euro was presented as a symbol of European integration, but as its architecture is constituted, it actually did more for the EU's breakdown than any other threat. It is therefore crucial to readjust the economic policy strategy and to reform EMU in order to work for all Member States. To this new momentum, the State must assume the central role of promoting economic growth through concrete measures, aligning fiscal policy with monetary policy, even beyond what is already considered unconventional.
Description
Mestrado em Economia e Políticas Públicas
Keywords
União Económica e Monetária União Europeia Estagnação Secular Helicopter Money para os Estados Economic and Monetary Union European Union Secular Stagnation Helicopter Money for the States
Pedagogical Context
Citation
Baltazar, Luís Miguel Generoso (2019). "O impacto do euro na economia portuguesa : que alternativas para o futuro?". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
Instituto Superior de Economia e Gestão