Sérgio Ávila ensures that the Region's Account evidences the fact that the Azores have met the stipulated budget goals without slippage or deviations, thus presenting a balanced budget. The Region does not contribute to the country's deficit and this situation has led international partners to become aware that there was not a problem with the Autonomous Region; there was the specific problem of one region: Madeira.

The government official also stressed that a thorough analysis of the regions' accounts and the first documents drawn up by troika initially mentioned both Autonomous Regions. However, assessment reports drafted on quarterly basis have now replaced Autonomous Regions for Autonomous Region of Madeira.

The Vice-President of the Regional Government spoke at the opening of the conference "The Economic Crisis and Multilevel Finance," which he presided over at the University of the Azores.

The conference is intended to discuss the current situation of Portugal and the Autonomous Regions in order to provide a context to the challenge brought by the revision of the Finance Act of Autonomous Regions in the adjustment of national public accounts.

Sérgio Ávila said that the current Regional Finance Act has already integrated automatic adjustment mechanisms for the amount of transfers for regions in accordance with the State's economic and financial situation. In this context, the regional legislation defines that the variation in transfers is the direct result of variations in the State's current expenditure or of variations in the national Gross Domestic Product.

The Regional Government recalls that "neither the Regional Finance Act, nor the lack of funding nor the financial management of a Region are the crux of the matter. Difficulties lie in the way how each region handles with public finances." "The difference does not lie in the base structure, but in the application of the law."

The Vice-President of Government recognised that the organisation of these events in the Azores represents an opportunity to further reflect on these realities relevant to the national context, being also important for the development dynamics of regions.