Latest news with #AlvaroSantosPereira
Reuters
6 days ago
- Business
- Reuters
Portugal nominates OECD's Santos Pereira to succeed Centeno as central bank chief
LISBON, July 24 (Reuters) - The Portuguese government nominated on Thursday Alvaro Santos Pereira, the chief economist at the Organisation for Economic Cooperation and Development, as the next central bank governor to succeed Mario Centeno, whose term formally ended on July 19. The decision was announced by Cabinet Minister Antonio Leitao Amaro after a weekly cabinet meeting. Centeno has been the target of frequent criticism from the political right, now in power, for moving from his role as finance minister in a previous Socialist administration to the central bank in 2020, a move detractors said undermined the institution's independence. Centeno, who was Eurogroup president in 2018-2020, has been a vocal so-called dove favouring looser monetary policy at the European Central Bank. Central bank governors are nominated by the cabinet for a five-year term and can be reappointed once. Centeno has previously said he is ready to continue leading the institution. The nominee must submit to questioning by a parliamentary committee - which has no power to block the nomination - before the government can officially appoint him. It is not uncommon for heads of regulatory bodies in Portugal to remain in office months after their terms expire.
Reuters
6 days ago
- Business
- Reuters
Portugal picks OECD's Santos Pereira to replace Centeno as central bank chief
LISBON, July 24 (Reuters) - The Portuguese government nominated on Thursday Alvaro Santos Pereira, the chief economist at the Organisation for Economic Cooperation and Development, as the next central bank governor to succeed Mario Centeno, whose term formally ended on July 19. The decision to nominate Santos Pereira, who served as economy minister in a centre-right government in 2011-2013 at the height of Portugal's debt crisis and austerity dictated by an international bailout, was announced by Cabinet Minister Antonio Leitao Amaro after a weekly cabinet meeting. The nominee must submit to questioning by a parliamentary committee - which has no power to block the nomination - before the government can officially appoint him. It is not uncommon for heads of regulatory bodies in Portugal to remain in office months after their terms expire. Centeno, who was open to serving a second term, has been the target of frequent criticism from the political right, now in power, for moving from his role as finance minister in a previous Socialist administration to the central bank in 2020, a move detractors said undermined the institution's independence. Centeno, who was Eurogroup president in 2018-2020, has been a vocal so-called dove favouring looser monetary policy at the European Central Bank. As the OECD's chief economist, Santos Pereira, 53, has been tasked with designing ways for the group of 38 developed countries and their partners to promote long-term economic growth. Leitao Amaro said that Santos Pereira "has a profound understanding of the Portuguese and international economy and the financial system ... and is a highly regarded and independent voice in his field internationally."
Bloomberg
6 days ago
- Business
- Bloomberg
Portugal Names Pereira as Central Bank Chief, Replacing Centeno
The Portuguese government nominated Alvaro Santos Pereira to head the central bank, replacing one of the euro area's most dovish interest rate-setters after just one term. Pereira, 53, is currently the OECD's chief economist. He will succeed Mario Centeno, Minister of the Presidency Antonio Leitao Amaro said at a press conference Thursday in Lisbon following a cabinet meeting.
Time of India
03-06-2025
- Business
- Time of India
'Trade impact of US tariffs likely soon': OECD's Alvaro Santos Pereira
The Russia-Ukraine conflict escalation poses a significant threat to the global economy, potentially impacting energy prices and overall growth. Trade policy uncertainties, particularly US tariffs, are already affecting consumer and business confidence, leading to downgraded growth forecasts and increased inflation risks. Despite global headwinds, India remains a growth champion due to strong investment, consumption, and continued reform momentum. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Any further escalation in the Russia-Ukraine conflict will have a significant downward impact on the global economy, said Alvaro Santos Pereira, chief economist at the Organisation for Economic Cooperation and Development. He told ET's Deepshikha Sikarwar in an interview that India continues to be the champion of growth and the reason it continues to show bright economic performance is the constant emphasis on has been a significant change in trade policy, especially in the US in the past few months. The average effective tariff of the US has risen from 2% to about 15.5%. This would be the highest average effective tariff in US since 1936. If you consider the ones announced on April 9, then the US will have the highest-ever effective tariff rate since 1890. Uncertainties around it are having an impact in many countries in terms of consumer confidence and business confidence. And, so the activity indicators and manufacturing have also been deeply affected and are declining. As a consequence, this would have an impact on consumption and on the trade side, we have not seen the big changes yet, because in the first quarter of this year there's been significant front loading of exports from a lot of countries and firms to the US. The trade impact will likely come soon. We've downgraded almost every country in terms of growth and we are also upgrading inflation escalation of conflict clearly will have an impact. We've been seeing this for a while, both in Europe and the Middle East. Both these conflicts led to lower growth prospects for the world economy. The Ukraine-Russia conflict has had an impact on energy as well, and there is a likelihood energy prices would be affected. Conflict will have a significant downward impact on the economy, so that's why we hope there will be a been an impact on the financial markets. In fact, volatility has been dramatically high in the last couple of months or so. There have been a few corrections and now the markets seem to be recovering. But I think if there is further escalation on tariff front, and if there are further relational trade barriers, I would not be surprised that markets will react. Emerging market economies besides financial markets are also significantly affected by interest rate differentials between their own and the continues to be the champion of growth among the G20 and the world economy because of very strong investment and consumption, which is strengthening because of the rising real incomes and lowered income taxes. We expect that heightened trade conflict will have an impact on export growth, mostly because of lower global reason India continues to have bright economic performance is continuous emphasis on reforms and the reforms momentum over the last 10 years. What is impressive is that after the first wave of reforms, such as the GST, competitive federalism, and others, the reform momentum has continued. Strong investment witnessed in India is a reflection of how these reforms are paying in the medium term, but yes, in the short term. In the case of US, we are not forecasting right now. Because of tariffs we believe that inflation will peak around 4% in the US and, as a consequence, we believe there won't be changes in policy rates this other countries, it really depends on their circumstances. In India, there's still some room to lower rates, but other countries like Brazil, it is just the opposite. So, it would really depend on the specific circumstance of a country. But we know that tariffs and all these trade barriers have increased inflationary pressures, and that obviously makes the role of monetary policy more difficult.
