Sep 21, 2011

Articles in journals

Lopes, J., Marques, R., Graça, J.

12

9

In Portugal, like in the rest of the Southern European countries that were part of the so-called third wave of democratization of the 1970s (Greece and Spain), Euro was seen as a symbol of modernization, economic growth and stability. Its introduction was considered the culmination of a successful process of European integration accomplished in a very short period and against all odds. The ugly ducks were, at last, recognized by their capacity of adjustment. Accepting the Euro was a proof of a work well done and, at last, the Portuguese could be considered true European citizens. Being part of the monetary union and fulfilling all the economic and financial requirements previously established became a reason of pride, easily explored by all the political parties that supported the integration. The idea of catching up with the rest of Europe and economically converging with the rich neighbors became more or less credible. Some politicians went as far as using a cycling metaphor, underlining that the Portuguese were now a part of the leading European pack, meaning they were well prepared and could be considered the good students of the European integration.

Sovereign debt crisis,EMU,Portugal,