Business cycle synchronisation, Economic and Monetary Union, European Integration, E32, F15,

The recent economic and sovereign debt crisis strongly affected several European countries. This paper examines the implications on the Portuguese economy by exploring the effects of the crisis on the most relevant macroeconomic variables. We analyse the overall economic context in Portugal from the time it joined the euro until its bailout from Troika to understand the several factors that justify the need for the Economic and Financial Assistance Programme. Additionally, we investigate the repercussions of the crisis from 2008 onward, emphasizing the effects after 2011 that already include the impact of the austerity measures. Finally, we carry out an analysis of the projections in the medium term and we assess the challenges and opportunities for Portugal in the near future.

Macroeconomic imbalances are considered as one of the most important causes of European crisis. The crisis has significantly aggravated these imbalances, and some euro area countries-Greece, Ireland, Portugal, Spain and Cyprus-have had to request economic and/or financial assistance. Using the scoreboard of headline indicators of the Macroeconomic Imbalance Procedure as reference and applying statistical analysis methods, this paper provides new evidence on the role played by the assistance programmes in these five rescued countries and analyses their patterns of divergence/convergence relative to the euro area aggregate since 2007. The evidence indicates that the values of the net international investment position, private and public debt and the unemployment rates have diverged considerably from the thresholds and the euro area averages. A decade after the start of European crisis, although the economic situation has improved, the effects of the crisis and of the austerity policies continue to be felt and the macroeconomic imbalances persist in the rescued countries.

This paper examines synchronization in the euro area and the role of intra-EMU trade from 1981 to 2011, focusing in particular on southern European countries. The results indicate that the intensification of synchronisation that occurred in the nineties across almost all countries could partially be explained by the increase in trade, which has been strengthened since the start of the run-up to the EMU. For southern European economies, the results are mixed. We find also that trade imbalances have grown over time, becoming more evident in the common currency period. Furthermore, we document a positive and significant relationship between intra-EMU trade linkages and cyclical correlations.

PurposeThis paper aims to find out what conditions are needed to enhance higher education curricula towards employability from the perspective of different stakeholders in the graduate labour market.Design/methodology/approachAn empirical study was developed, using a qualitative approach, based on semi-structured interviews with higher education institutions (HEIs) and labour market players, in the north region of Portugal. The data were analysed through content and descrip\tive analysis with NVivo.FindingsThe results show a set of constraints that hinder the match of higher education curricula with employability, namely, (1) the weak connection between HEIs and employers and (2) the curricular structure, which is characterised by a heavy theoretical component and a weak approach to the soft skills required by the current labour market. Possible solutions, with implications for educational policy, are given throughout the study.Research limitations/implicationsThe geographical scope and the nature of the study suggest that some precautions are required when generalising results. However, the literature on other areas in Portugal strengthens the findings and compensates for the sample's limitations.Originality/valueThis study combines the perspectives of the different individual stakeholders involved which, when taken as a whole, provide some recommendations for tailored curricula towards employability. Other studies in Portugal address each of these issues individually, without a connection between all the different perspectives.