One of the initial actions taken by the successor of Mário Centeno as minister was to eliminate formalities by asking to be addressed as Álvaro, rather than minister. His management was characterized by various budget cuts, notably in the construction of the high-speed train, which he regarded as a “financial error,” and in energy tariffs, along with the suspension of four holidays to boost national productivity.
Santos Pereira also introduced a new Competition Law and advocated for mining investments and the reindustrialization of the country. One of his final acts as minister was to strip Portugal Telecom of the universal telecommunications service.
During a term marked by efforts to combat the deficit and external debt, Álvaro Santos Pereira promoted the internationalization of the ‘pastel de nata’ at a 2012 conference organized by Diário de Notícias. Questioning “why there isn’t a ‘franchise’ of pastéis de nata,” he considered them as marketable “as Nando’s grilled chicken or hamburgers.”
Born in 1972 in Viseu, holding Portuguese and Canadian nationalities, Santos Pereira graduated in Economics from the Faculty of Economics of the University of Coimbra and earned his doctorate in the same field from Simon Fraser University in Vancouver.
He taught in the Economics Department at the University of British Columbia from 2000 to 2004, and from 2004 to 2007, he lectured in the Economics Department at York University, covering European Economics and Economic Development.
He served as Director of National Studies at the Economics Department of the Organization for Economic Cooperation and Development (OECD) and, in 2024, was appointed Chief Economist at the OECD, succeeding Clare Lombardelli.
He is the author of several books, including “Diary of a Creationist God,” “The Fear of National Failure,” “The Myths of the Portuguese Economy,” “Portugal in the Hour of Truth,” and “Reforming Without Fear – An Independent in the Government of Portugal.”
Economist Álvaro Santos Pereira was today appointed as the Governor of the Bank of Portugal (BdP), succeeding Mário Centeno. The announcement was made by the Minister of Parliamentary Affairs, António Leitão Amaro, during a press conference following the Council of Ministers meeting.
“By decision of the Council of Ministers, on the proposal of the Minister of Finance, the new governor will be Professor Doctor Álvaro Santos Pereira,” announced Leitão Amaro, citing the economist’s “highly recognized” resume as justification for the choice.
“He is currently the chief economist of one of the leading international economic organizations. He is a profound connoisseur of the Portuguese economy, a profound connoisseur of the international economy, knowledgeable of the financial system,” he added.
When asked why Mário Centeno was not reappointed, the Minister of the Presidency stated that the government chose someone they believe to be better suited for the role of governor.
“We chose someone we believe is better for the position, naturally. We believe that Professor Álvaro Santos Pereira better serves the objectives intended for a central bank – which is the supervisory authority and has responsibilities for studies, has statistical responsibilities, and is part of the Eurosystem, the European Supervisory Mechanism – and those characteristics are the several I mentioned. It’s a better choice, and it’s the best choice, for being independent: he doesn’t come from within the bank, nor from a government,” he explained.
