He was Governor of the Banco de Portugal from 1985 to 1986 and from February 2000 to May 2010. He is Vice-President of the European Central Bank (June 2010).
Graduated in Economics from the Universidade Técnica de Lisboa (Lisbon Technical University). Before having been appointed to his present position at the Banco de Portugal, he was Executive Director of the Banco Português de Investimento (1995-2000) and non-executive Director of the Electricidade de Portugal (EDP), the Portuguese national power utility (1998-2000). He is a member of the Conselho de Estado, an advisory body to the President of the Republic. He is Invited Senior Professor of Economics at the Instituto Superior de Economia e Gestão (Technical University of Lisbon) since 1989, culminating a long academic career. In addition to having performed functions as Secretary of State for the Budget and Planning in the first two Provisional Governments (1974-1975), he was again Secretary of State for the Budget and Planning for the IV Provisional Government in 1976. He was elected Member of Parliament in 1976, and was again Member of Parliament from 1980 to 1981 and from 1987 to 1988. He started his activity at the Banco de Portugal in 1975, as Head of the Economic Studies and Research Department. He was appointed Vice-Governor in 1977, a position which he would resume later in 1979 and in the period from 1981 to 1984. In 1977, he was appointed President of the Commission for European Integration, a post which he occupied again in 1979. He was Minister of Finance and Budget Planning of the II Constitutional Government in 1978.
Painter: Luís Pinto Coelho, 1987