Portugal's last overseas territory, Macau, was peacefully handed over to China in 1999. In 2002, the independence of East Timor (Asia) was formally recognised by Portugal. In 1995, Portugal started to implement Schengen Area rules, eliminating border controls with other Schengen members. Expo '98 took place in Portugal and in 1999 it was one of the founding countries of the euro and eurozone. In 2004 José Manuel Barroso, the then Prime Minister of Portugal, was nominated President of the European Commission. On 1 December 2009 the Treaty of Lisbon entered into force, enhancing the efficiency and democratic legitimacy of the Union. Economic disruption and an unsustainable growth in government debt during the financial crisis of 2007–2008 led the country to negotiate in 2011 with the IMF and the European Union, through the European Financial Stability Mechanism and the European Financial Stability Facility, a loan to help the country stabilise its finances.
Portugal's last overseas territory Macau, was peacefully handed over to China in 1999. In 2002, the independence of East Timor (Asia) was formally recognised by Portugal. In 1995, Portugal started to implement Schengen Area rules, eliminating border controls with other Schengen members. Expo '98 took place in Portugal and in 1999 it was one of the founding countries of the euro and eurozone. In 2004 José Manuel Barroso, the then Prime Minister of Portugal, was nominated President of the European Commission. On 1 December 2009 the Treaty of Lisbon entered into force, enhancing the efficiency and democratic legitimacy of the Union. Economic disruption and an unsustainable growth in government debt during the financial crisis of 2007–2008 led the country to negotiate in 2011 with the IMF and the European Union, through the European Financial Stability Mechanism and the European Financial Stability Facility, a, loan to help the country stabilise its finances.