EIM Member States - May 2014

02 June 2014

Portugal opts for a clean programme exit, and the first post-programme surveillance mission to Ireland concluded that a gradual recovery can be expected in 2014. ‘Brexit’ talk dominated in the UK.

• Portugal opts for a clean programme exit – but still much work to be done to maintain progress.

• The first post-programme surveillance mission to Ireland concluded that a gradual recovery can be expected in 2014 but assumes a rigorous implementation of the budget.

• The Bank of Italy warned of 'fragile' recovery as bad loans have begun to decline relative to overall lending.

• The fourth Troika review of Cyprus made good reading as the programme remains on track and fiscal targets for the first quarter of 2014 were met with a considerable margin.

• 'Brexit' talk dominated in the UK as PM Cameron guaranteed a referendum if he is PM after 2015 and underlined that some of his demands require "treaty change".

• UKIP topped the EP poll – but paradoxically, the YouGov polls show that 'stay in the EU' respondents overtook the 'outs' in March and have increased their lead to 42:37.

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© Graham Bishop