Vitor Constâncio
Encyclopedia
Vítor Manuel Ribeiro Constâncio, GCC
, GCIH (born 12 October 1943 in Lisbon
) is a Portuguese
economist and politician, Vice-President of the European Central Bank
. Constâncio graduated in economics from the Universidade Técnica de Lisboa.
He was secretary-general of the Socialist Party
from 1986 to 1989. He lost the legislative elections of 19 July 1987, but remained in office. He resigned the following year, being replaced by Jorge Sampaio.
He has been governor of the Banco de Portugal
, the Portuguese central bank, since 2000. He was re-appointed in 2006.
He was appointed vice-governor in 1977, in 1979, and in the period from 1981 to 1984. He was Governor of the Portuguese Central Bank from 1985 to 1986.
While in office, he advocated salaries stagnation or increases below inflation, as a way to increase the Portuguese economy's competitiveness.
Two Portuguese banks (Banco Português de Negócios
(BPN) and Banco Privado Português (BPP)) had been accumulating losses for years due to bad investiments, embezzlement and accounting fraud. The Portuguese Central Bank led by Constancio was criticized for having allowed this situation for years.
Constancio was appointed vice president of European Central Bank
, for an eight-year mandate, in a banking supervision capacity.
Shortly after, in April 2011, the Portuguese Government requested international financial assistance as the State itself had been declared bankrupt.
(BPN) and Banco Privado Português (BPP)) had been accumulating losses for years due to bad investiments, embezzlement and accounting fraud. In the grounds of avoiding a potentially serious financial crisis in the Portuguese economy, the Portuguese government decided to give them a bailout, eventually at a future loss to taxpayers. Because of that, the role of Banco de Portugal, headed by Constâncio, in regulating and supervising the Portuguese banking system has been the subject of heated argument, particularly whether Vítor Constâncio had the means to do something or whether he revealed gross incompetence,
due to the fact that he knew that BPN accounts were wrong since 2001.
Order of Christ (Portugal)
The Military Order of Christ previously the Royal Order of the Knights of Our Lord Jesus Christ was the heritage of the Knights Templar in Portugal, after the suppression of the Templars in 1312...
, GCIH (born 12 October 1943 in Lisbon
Lisbon
Lisbon is the capital city and largest city of Portugal with a population of 545,245 within its administrative limits on a land area of . The urban area of Lisbon extends beyond the administrative city limits with a population of 3 million on an area of , making it the 9th most populous urban...
) is a Portuguese
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
economist and politician, Vice-President of the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
. Constâncio graduated in economics from the Universidade Técnica de Lisboa.
He was secretary-general of the Socialist Party
Socialist Party (Portugal)
The Socialist Party , abbreviated to PS, is a social-democratic political party in Portugal. It was founded on 19 April 1973 in the German city of Bad Münstereifel, by militants from Portuguese Socialist Action ....
from 1986 to 1989. He lost the legislative elections of 19 July 1987, but remained in office. He resigned the following year, being replaced by Jorge Sampaio.
He has been governor of the Banco de Portugal
Banco de Portugal
The Banco de Portugal is the central bank of the Republic of Portugal. Established by a royal charter of 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company...
, the Portuguese central bank, since 2000. He was re-appointed in 2006.
He was appointed vice-governor in 1977, in 1979, and in the period from 1981 to 1984. He was Governor of the Portuguese Central Bank from 1985 to 1986.
While in office, he advocated salaries stagnation or increases below inflation, as a way to increase the Portuguese economy's competitiveness.
Two Portuguese banks (Banco Português de Negócios
Banco Português de Negócios
Banco Português de Negócios , or simply BPN, is a Portuguese banking institution. It used to be a private bank, but was nationalized by the Portuguese Government in 2008 after a bad management and malpractice-related debt of 1.800 billion euros and several irregularities uncovered in the...
(BPN) and Banco Privado Português (BPP)) had been accumulating losses for years due to bad investiments, embezzlement and accounting fraud. The Portuguese Central Bank led by Constancio was criticized for having allowed this situation for years.
Constancio was appointed vice president of European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
, for an eight-year mandate, in a banking supervision capacity.
Shortly after, in April 2011, the Portuguese Government requested international financial assistance as the State itself had been declared bankrupt.
Governor of the Portuguese Central Bank (2000–2010)
During the global economic crisis, it emerged that two banks (Banco Português de NegóciosBanco Português de Negócios
Banco Português de Negócios , or simply BPN, is a Portuguese banking institution. It used to be a private bank, but was nationalized by the Portuguese Government in 2008 after a bad management and malpractice-related debt of 1.800 billion euros and several irregularities uncovered in the...
(BPN) and Banco Privado Português (BPP)) had been accumulating losses for years due to bad investiments, embezzlement and accounting fraud. In the grounds of avoiding a potentially serious financial crisis in the Portuguese economy, the Portuguese government decided to give them a bailout, eventually at a future loss to taxpayers. Because of that, the role of Banco de Portugal, headed by Constâncio, in regulating and supervising the Portuguese banking system has been the subject of heated argument, particularly whether Vítor Constâncio had the means to do something or whether he revealed gross incompetence,
due to the fact that he knew that BPN accounts were wrong since 2001.