The ongoing political instability in Spain is raising eyebrows across the entire euro zone, Portugal’s deputy finance minister told CNBC Monday.

“It’s not only a problem for Portugal, it’s an issue for the euro area and Europe as a whole,” Ricardo Mourinho Felix, secretary of state for the finance ministry, told CNBC exclusively on the sidelines of a key euro zone meeting in Luxembourg.

“We are also concerned about the situation as devoted Europeans that believe in the European project and it’s very important to have a close monitoring,” he added.

Portugal has been following the situation closely given that Spain is its biggest trading partner and political uncertainty there could impact business.

Mourinho Felix told CNBC that it is time to speak, to discuss and to find an orderly solution to Catalonia’s wish to become independent.

Catalan president Carles Puigdemont said he will address the regional parliament Tuesday evening, though it’s unclear if he will declare independence then.