Portugal and life beyond the budget

President of the Republic Jorge Sampaio famously proclaimed that “there was life beyond the budget.” He was taking a jab at what were being perceived as unrepeatable budgetary measures exclusively designed to meet the strict numeric constraints imposed by Europe’s idea of monetary union regulation:

 

 

Few signs of fiscal reform

The document designed to restrain fiscal abuses of the past that contributed to the flaring up of the sovereign debt crisis in the euro area “periphery” in 2010-2012 remains little more than a paper promise: Europe’s public debts continue to climb and the hopes of sustained and real reforms of the fiscal space are fading.

 

A foot in both camps

There is an enduring perception that the established European domiciles such as Ireland and Luxembourg are in direct competition with the leading offshore domiciles such as Cayman. This perception has transcended reality to the extent that leading participants in both camps deem it necessary to fight their corner.