| The Council adopted a Decision concerning exchange rate matters relating to the Cape Verde escudo. |
| Portugal had until the end of February to phase out the escudo. |
| The real is a quarter of a peseta, but the escudo of ten reales has been suppressed. |
| This means that a Council Decision is required to confirm the continuation of the present arrangement concerning the Cape Verde escudo. |
| The Portuguese escudo has been participating in the ERM for considerably longer than two years. |
| Within one year of abandoning the escudo for the euro, Portugal, for example, was forced to make massive cuts in public spending to meet the stability pact's criteria. |
