conservative government's figures and revised the deficit up from around 3% to 6.8%. Two Portuguese banks (Banco Português de Negócios (BPN) and Banco Privado Português (BPP) had been accumulating losses for years due to bad investments, embezzlement and accounting fraud. The Portuguese Central Bank, led by Constâncio, was criticized for having allowed this situation for years. European Central Bank, 2010–2018 Constâncio was first mentioned as a potential vice president of the European Central Bank in 2002, to replace Christian Noyer. At the time, he cited family reasons for refusing to run for the post. Constâncio was eventually appointed vice president of European Central Bank in 2010, for an eight-year mandate. At the time, he was chosen by Eurozone finance ministers ahead of Peter Praet, director of the National Bank of Belgium, and Yves Mersch, the governor of the Bank of Luxembourg, to replace Lucas Papademos of Greece. During his time at the ECB, he developed a reputation as an inflation dove who often emphasised the need for economic growth. Shortly after, on 6 April 2011, the Portuguese Government, facing increasing difficulties in securing its financing needs in the international financial markets, formally requested international financial assistance leading to a €78 billion program with equal participation of the European Financial Stabilisation Mechanism, European Financial Stability Facility and International Monetary Fund. In 1968 he married with Maria Jose Pardana , they have one son and one daughter. Other activities Center for Economic and Policy Research (CEPR), Distinguished Fellow (since 2019) Financial Stability Board (FSB), Ex-Officio Member of the Standing Committee on Supervisory and Regulatory Cooperation Banco de Portugal, Member of the Advisory Board References |- |- 1943 births Finance ministers of Portugal Governors of the Bank of Portugal Living people Presidents of the Party of European Socialists Socialist Party (Portugal) politicians Technical University of Lisbon alumni Vice Presidents of the European Central Bank