ECB’s Pereira: “We Are Now Entering a Period of Greater Normality” in Monetary Policy

6 October 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Álvaro Santos Pereira said on Monday that the ECB was entering a period of normality in its monetary policy.

In his inauguration speech, Pereira, who now heads the Banco de Portugal, said that the ECB was “now entering a period of greater normality, but many challenges remain ahead.”

According to Pereira, one of these challenges was to establish the new framework for monetary policy implementation, including the design of future long-term liquidity operations and the execution of the new structural asset purchase program.

He pledged to strengthen the institution’s independence, resilience, and connection to society.

Among his priorities, he announced a more “active role” in the Eurosystem’s monetary policy, close monitoring of financial stability risks, stronger banking supervision, a balanced approach to payments and greater focus on financial literacy, fraud prevention and anti-money laundering efforts.

Pereira vowed to further simplify regulations and said the central bank will open up more to society.

Looking ahead, he committed to ensuring the Banco de Portugal becomes “stronger, more resilient, more indispensable, and more independent.”