August 24, 2010 / 7:46 PM / 9 years ago

Profile-Bank of Portugal Governor Carlos Costa

Position: Bank of Portugal Governor, member of European Central Bank Governing Council

Incumbent: Carlos Costa, 60

Term: June 2010-May 2015 on renewable five-year mandate, can be reappointed by Portugal’s government.

Key facts:

— Discreet, soft-spoken and camera-shy, Costa has made few public appearances and is largely expected to continue the dovish monetary line of his predecessor, Vitor Constancio, now ECB Vice President.

— Costa has warned on one occasion that the “EU engine is seizing up” as investment stalls and competitiveness wanes, but he has defended the euro as Europe’s best instrument to assert itself on the world stage.

— Costa’s nomination and appointment by the minority Socialist government met with consensus among political parties and in the banking sector, a rare occurrence for a central banker’s job in Portugal. All sides cited his technical competence and lack of political bias.

— Costa’s previous job, which he held from October 2006, was as vice-president of the European Investment Bank (EIB) responsible for funding and financing operations in Spain, Portugal, Belgium and Luxembourg, as well as in Asia and Latin America.

— Born on Nov. 3, 1949 in a small town near Porto, Costa graduated in economics from Porto University and then did postgraduate studies at the Sorbonne in Paris.

— Aside from banking — he held executive posts in Portugal’s largest bank, the state-run Caixa Geral de Depositos, and was general manager of top listed bank Millennium bcp (BCP.LS) — he has worked in the fields of European integration, economic research and teaching.

— He was on the EU’s Economic Policy Committee in 1986-1992 and chaired committees for the adoption of single financial market directives during Portugal’s first presidency of the EU. (Reporting by Andrei Khalip; Editing by Paul Simao)

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