Staff from the European Commission (EC), in liaison with the European Central Bank (ECB), undertook the fourth post-programme surveillance (PPS) mission to Portugal between 15 June and 22 June 2016. The mission was coordinated with the IMF’s post programme monitoring (PPM) mission. The European Stability Mechanism (ESM) participated in the meetings on aspects related to its own Early Warning System. PPS aims at a broad monitoring of economic, fiscal and financial conditions with a view to assessing the repayment capacity of a country having received financial assistance(1 ). While there is no policy conditionality under PPS, the Council can issue recommendations for corrective actions if necessary and where appropriate. PPS is biannual in terms of reporting and missions.