The stumpy growth of the first decade of the 21st century originated much
rhetoric about the causes of such disappointing dynamics and a lot of domestic voices
justifying the need of structural reforms. Simultaneously the programme for the rescue
of Portuguese Economy organized by the ECB (European Central Bank), EU (European
Union) and the IMF (International Monetary Fund) joined its authority to the domestic
voices emphasizing the need of structural reforms. Alongside with the lack of structural
reforms, some consider the growth differences along decades as a direct effect of policy.
Portugal performed poorly more recently because governments have used the wrong
policies: Government had provided incentives to the consumption instead of promoting
investment, or supported investment in infrastructure instead of investment in more
immediately reproductive activities.