Profile-Bank of Portugal Governor Carlos Costa

Position: Bank of Portugal Governor, member of European
Central Bank Governing Council

Incumbent: Carlos Costa, 60

Term: June 2010-May 2015 on renewable five-year mandate,
can be reappointed by Portugal’s government.

Key facts:

— Discreet, soft-spoken and camera-shy, Costa has made few
public appearances and is largely expected to continue the
dovish monetary line of his predecessor, Vitor Constancio, now
ECB Vice President.

— Costa has warned on one occasion that the “EU engine is
seizing up” as investment stalls and competitiveness wanes, but
he has defended the euro as Europe’s best instrument to assert
itself on the world stage.

— Costa’s nomination and appointment by the minority
Socialist government met with consensus among political parties
and in the banking sector, a rare occurrence for a central
banker’s job in Portugal. All sides cited his technical
competence and lack of political bias.

— Costa’s previous job, which he held from October 2006,
was as vice-president of the European Investment Bank (EIB)
responsible for funding and financing operations in Spain,
Portugal, Belgium and Luxembourg, as well as in Asia and Latin

— Born on Nov. 3, 1949 in a small town near Porto, Costa
graduated in economics from Porto University and then did
postgraduate studies at the Sorbonne in Paris.

— Aside from banking — he held executive posts in
Portugal’s largest bank, the state-run Caixa Geral de
Depositos, and was general manager of top listed bank
Millennium bcp (BCP.LS: ) — he has worked in the fields of
European integration, economic research and teaching.

— He was on the EU’s Economic Policy Committee in
1986-1992 and chaired committees for the adoption of single
financial market directives during Portugal’s first presidency
of the EU.
(Reporting by Andrei Khalip; Editing by Paul Simao)

Profile-Bank of Portugal Governor Carlos Costa