In his speech at the Money Museum in Lisbon, the economist considered that Portugal is doing better economically today than it was a decade ago, but he also noted that more "policies that promote growth" are still needed, arguing that structural reforms are essential to achieve this, without, however, detailing the reforms he advocates.

Also in terms of government, household, and corporate debt (including banks), Santos Pereira considered improvements, but said debt reduction must continue so that all economic agents are better prepared for potential crises.

Santos Pereira also highlighted the real estate market in part, considering the housing shortage a problem and the need to promote construction, with local governments playing an important role. "Recent initiatives to help families and young people are understandable, but more needs to be done, not just by the central government, but also by local authorities," he said.

For Santos Pereira, it is important to reduce city councils' construction restrictions and other restrictions, as, in his view, "the numerous restrictions on construction are more to blame than the lack of economic incentives."

Independence

At the beginning of his speech, Santos Pereira reiterated the principle of central bank independence, already mentioned in his Parliamentary hearing, stating that the Bank of Portugal will adhere to this principle with him as governor.

Economist Álvaro Santos Pereira, 53, was sworn in this Monday (October 6, 2025) as governor of the BdP, succeeding Mário Centeno. The economist served as Minister of Economy from 2011 to 2013, in the PSD/CDS-PP government of Passos Coelho.

Santos Pereira was chief economist at the Organization for Economic Cooperation and Development (OECD) when, on July 24 of this year, the PSD/CDS-PP government announced its choice to succeed Centeno (former Finance Minister under the Socialist Party government).