On 29 October 2010, a protocol was signed by the Government and the largest opposition party, the Partido Social Democrata (PSD), aiming at the creation of an independent fiscal agency, in line with the best international practices. Its remit should include assessing the consistency of macroeconomic and budgetary scenarios, the path of public finances, along with their sustainability in the long run, and compliance with budgetary rules. The protocol was part of an agreement for the approval of the State budget for 2011 and for the reinforcement of the sustainability of public finances. 

On 3 December 2010, the two parties agreed:
  . to set up a Working Group with the task of preparing the statutes of a Fiscal Policy Council, defining its nature, remit, governance and modus operandi;
  . that the members of the Working Group would be independent persons, with a high level of technical and scientific skill;
  . that the Working Group would work for three months from the date of its appointment, and would terminate at the end of that period;
  . that the group would present a draft law containing the statutes of the Fiscal Policy Council;
  . that they would fully accept the proposals put forward by the Working Group.

As at 31 December 2010, the two parties agreed that the following persons would make up the Working Group:
President
  . António Pinto Barbosa
Members
  . João Loureiro
  . Teodora Cardoso