Carlos Costa replaces Constâncio at head of Bank of Portugal

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.

Costa began his career in 1973 as a lecturer in economics at the Porto University before heading the research department on the Portuguese economy at the Banco Português do Atlântico in 1981. He was heavily involved in European integration as a member of the EU’s economic policy committee from 1986 to 1992, before becoming chef de cabinet of the Portuguese European commissioner from 1993 to 1999.

As vice president of the European Investment Bank, he was responsible for the banks funding financing operations in Spain, Portugal, Belgium and Luxembourg, as well as in Asia and Latin America. He also previously held positions on the board of directors at Caixa Geral de Aposentações, Banco Nacional Ultramarino; and Unibanco Holdings.

Costa became a member of the Consultative Market Panel of CESR (Committee of European Securities Regulators) in 2008.

He graduated from Porto University in 1973 with a degree in economics.