EU must stop Portugal's dirigisme

The Portuguese government last week used its special veto rights to prevent Spain's Telefónica from buying the majority stake in Brazilian mobile phone provider Vivo from state-run Portugal Telecom. The business paper Cinco Días hopes the EU Commission will intervene: "Will the EU Commission be able to revoke the Portuguese government's so-called golden share veto rights with immediate effect? We should assume so, otherwise we would be plunged into an absurd institutional crisis that would come at a most inconvenient time for the European Union. For the latter has already become entangled in its own restrictions and tends to turn its back on the major challenges of the globalised economy, while the best opportunities for investment are moving further and further away from our borders."

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