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The following sections explain how Portugal made a success out of its accession to the EU and why it failed to fully comply with the requirements of a founding member of the Eurozone. They also analyze the ongoing debate in European institutions on completing the Economic and Monetary Union (EMU) and Portugal’s position. The big challenge that the European leaders currently face is to make the Eurozone—the core of the European project—stronger, fairer, and better able to contribute to the stability of the international financial system.