Exclusive: Portugal’s Centeno: ECB “Executive Board Should Reflect a Balanced View of Europe”

9 January 2026

By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the interview conducted by Econostream with former European Central Bank Governing Council member Mário Centeno. The interview focused exclusively on the matter at hand—Centeno's announcement on Thursday of his candidacy to succeed ECB Vice President Luis de Guindos, whose term ends on 31 May 2026—and did not delve into any aspect of current ECB policy:

Q: Now that your candidacy is official, what main message would you like to send to euro area finance ministers as they begin the selection process?

A: Europe has entered a phase of structural uncertainty – trade tensions, high sovereign debt, competing fiscal demands, and the prospect of abrupt changes to our economies and labor markets. Against this background, EU institutions, the European Central Bank included, must act as stabilizing anchors. The role of Vice-President of the ECB calls for institutional discipline and independence, political judgment, and consensus-building – combined with the willingness to act decisively in difficult times. These are qualities that I have demonstrated in national and European roles alike.

Q: What is your understanding of the next procedural steps and the broad timeline from here?

A: The decision is to be taken by the European Council after consultation with the European Parliament and the ECB. The Council must decide by qualified majority, so a broad consensus is needed, which will undoubtedly benefit Europe.

Q: Without naming countries, how would you characterize the reception you have been getting so far—are you receiving encouragement, or is it simply too early to tell?

A: I received very good comments from everyone. My credentials are clear: Central Bank Governor, Finance Minister and Eurogroup President with a record of shaping EU fiscal, financial and economic reforms and management of the Euro, COVID and Ukraine crises. I led negotiations on the COVID response, NextGen EU and Digital Euro. In Portugal, I delivered the first budget surplus in democracy, restored Portugal’s investment grade and strengthened financial stability through banking restructuring and economic growth. I can say that I received encouragement from everyone, but I also understand that this is an election.

Q: You are the only Southern European to have thrown a hat into the ring. If you are not picked for the job, in a few months the Executive Board will only have one Southern European member, namely Piero Cipollone from Italy. Usually there have been two, at times even three (eg Lucas Papademos or Vítor Constâncio plus at the same time Lorenzo Bini Smaghi and José Manuel González-Páramo). Would you regard it as unfair and/or in some sense problematic if there were only one Southern European Board member?

A: I would not say unfair, but I believe that the Executive Board should reflect a balanced view of Europe. Note that Portugal is not represented in the Executive Boards of any of the European financial institutions (ECB, EBA, SRB, ESMA, EIOPIA, EIB, EBRD…).

Q: Portugal has held very senior roles in euro area institutions before, most notably the ECB vice presidency under Vítor Constâncio. Is your candidacy partly about restoring a Portuguese presence at the ECB’s top table, or do you see it as being more a case of you being a natural fit for such a position, given your extensive background on both the fiscal policy side and the central banking side at senior levels?

A: Even though I am the candidate, it is a formal decision of the Portuguese government; therefore, it is a mixture both of my characteristics, which as you mention are a natural fit, but it also reflects Portugal’s economic and financial outcomes and institutional maturity in Europe. Thus, it is based on a strong adherence of Portugal to EU-rules and the frontline participation in its projects.

Q: How does that background affect how you would approach the ECB vice presidential role and in particular the vice president’s institutional relationships with euro area finance ministers and the European Parliament?

A: I see myself as a consensus builder. Today, we must recognize that the nature of risk in the financial system is evolving. Valuation pressures and concentration in specific asset classes are growing, while more risk is migrating outside the banking sector. Having worked through multiple crises as a central bank governor, Eurogroup President and finance minister, I have seen how important it is to anticipate fragilities, build resilience and prepare ahead of time. All of this connects to Europe’s long-term cohesion and competitiveness. Advancing capital markets is not about integration for its own sake, but about Europe sovereignty and ability to compete globally on stable footing. In my time at the Eurogroup, I have worked tirelessly to translate shared priorities into credible common action. The Recovery Fund and the coordination between fiscal and monetary policies are a testament to my capabilities as a consensus builder to advance Europe.

Q: How closely are you coordinating with your Finance Ministry on outreach?

A: We have been working together; the decision is political, and the support of the Portuguese government is a key factor of success. We are all focused in promoting the candidacy.