Carlos Costa replaces Constâncio at head of Bank of Portugal

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Carlos Costa, a former vice-president of the European Investment Bank (EIB), was appointed governor of the Bank of Portugal less than a week after former governor Vitor Constâncio left for Frankfurt. Costa was sworn in for a five-year term on June 7 after being nominated by the Portuguese government at the recommendation of Fernando Teixeira dos Santos, the finance minister, in April. He replaces Vitor Constâncio who became vice president at the European Central Bank on June 1