Portuguese governor calls for powers to act ‘just in time’

Carlos Costa

Carlos Costa, governor of the Bank of Portugal, is calling for the central bank to be handed more supervisory powers to enable it to act "just in time", following the collapse of Banco Espírito Santo (BES).

Speaking in a hearing yesterday at the national parliament, Costa noted that Mark Carney was the only central bank governor with the "power of frowning" – a colloquial phrase meaning the ability to dismiss the administration of a bank with just the raise of an eyebrow.

"The Bank of Portugal d

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