The government’s decision was announced by the Minister of State and Presidency, António Leitão Amaro, at a press conference after the Council of Ministers meeting.
Álvaro Santos Pereira previously served as the Minister of Economy and Employment from 2011 to 2013 under Prime Minister Pedro Passos Coelho’s administration and has been the chief economist at the Organisation for Economic Co-operation and Development (OECD).
Hugo Carneiro, vice-president of the PSD parliamentary group, praised Álvaro Santos Pereira’s nomination and also commended the selection of Gabriel Bernardino, former president of the Securities Market Commission (CMVM), as the new president of the Insurance and Pension Funds Supervisory Authority (ASF), succeeding Margarida Corrêa de Aguiar.
On Álvaro Santos Pereira, Hugo Carneiro dismissed criticisms from the Socialist Party (PS), pointing out that Mário Centeno “moved directly from Finance Minister to governor of the Bank of Portugal (BdP).”
“Therefore, I return these questions or doubts to the PS, because if they have so many, they should explain to the Portuguese why they made such a decision five years ago.”
“The situations are not comparable. Álvaro Santos Pereira has been distanced from any governmental or party function in Portugal for at least a decade. He is an independent person with an above-average professional and academic background, serving as chief economist at one of the largest international organizations, the OECD,” he reacted.
Hugo Carneiro argued that Álvaro Santos Pereira attained his position as chief economist at the OECD due to “his own merit.”
“He is a completely impartial and independent person who will significantly reinforce the independence of the BdP, as will Gabriel Bernardino in the Insurance and Pension Funds Authority,” he asserted.
The social-democratic group’s vice-president criticized party interventions that “attempt to raise specters without attacking people’s credentials,” considering that the new governor’s background is “unassailable.”
Mariana Leitão, president of the Liberal Initiative, expressed approval of the government’s decision not to reappoint Mário Centeno as governor of the BdP but raised concerns about Álvaro Santos Pereira’s independence, noting his past role as a minister in a social-democratic government led by Pedro Passos Coelho.
In a note posted on her social media account on X (formerly Twitter), Mariana Leitão noted that former Finance Minister Mário Centeno became governor of the Bank “through a revolving door between politics and the regulator,” foreseeing that he would act in the post as a political actor with political interests, as he did.
“Regarding the appointment of Álvaro Santos Pereira, he is an economist with a solid international curriculum, with relevant experience in economics and economic policy fields,” said Mariana Leitão.
However, for the Liberal Initiative leader, “it cannot be ignored that Álvaro Santos Pereira is also a former minister from a PSD government now nominated as governor by another PSD government.”
“This past political connection, though not recent, inevitably raises doubts about the perception of independence from political power. Álvaro Santos Pereira does not move directly from active politics to the role of governor of the Bank of Portugal, which is a step forward, but the Liberal Initiative continues to advocate that such appointments be made through an international public competition,” she added.
CDS parliamentary leader Paulo Núncio stated that the government’s decision to select Álvaro Santos Pereira was “good,” citing his “solid academic and economic curriculum.”
“The government’s decision is also a turning page for the BdP, and Professor Álvaro Santos Pereira’s name guarantees the central bank’s independence, a very important requirement for the CDS,” noted the former Christian Democrat Secretary of State.
Speaking to journalists, Paulo Núncio then pointed out that Álvaro Santos Pereira “has no party political affiliation.”
“During his tenure with the government [under Pedro Passos Coelho], he always acted independently. Furthermore, he has been out of the country for more than ten years, serving in a highly reputable role as chief economist at the OECD. These are characteristics that assure the CDS that the position will be carried out with total independence from political power,” stressed Paulo Núncio.
