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Portuguese economy registered several significant transformations in recent decades, after the democratie revolution (1974) and the EEC accession (1986). A deep integration in the EU and an original and unexpected context of Iberian integration are main points of the new picture. The changes in specialization, the emergence of a public service economy, the centrality of financial external relations, and the new condition of Portugal as a net foreign investor and as a country of immigration are some of the main processes for the analysis of Portuguese economic Governance in this period. This last objective implies to study the coordination mechanisms of collective action. The State, as the agent of ’relational order’, the market, as an increasingly narrow place of governance, and the community, as the expression of the Portuguese specific internal structures, are considered in this paper as main institutional arrangements and bases for economic governance.