· Personality · · T. Maria Cruz · P. Rights Reserved

Fernando Teixeira dos Santos

«First of all, I would highlight the adoption of the Euro as the most defining moment»

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Throughout his career, he has taken on various roles, including Secretary of State for the Treasury and Finance; Chairman of the Securities Market Commission and Chairman of the Executive Committee of the International Organisation of Securities Commissions. Fernando Teixeira dos Santos, former Minister of Finance, in José Sócrates’ mandate, was the hooster for the Portuguese international bailout in 2011, at a time when the sovereign debt exceeded all limits. He was chairman of EuroBic, taught economics and, today, he seeks a calmer life, now that he has retired. He hopes that in 20 years’ time it will be possible to «significantly reduce the levels of poverty and inequality that still exist, both nationally and globally».

If you could choose, which would be the moments that have most marked the country and the world in the last 20 years?
Although 22 years have passed, first of all I would highlight the adoption of the Euro as the most defining moment. This adoption ‘sealed’ our connection to the European Union project and has very important implications for the type of policies the country should adopt for its development. The second moment, I should I say period, were the years of the crisis between 2009 and 2013. The country became impoverished and great sacrifices were imposed on the Portuguese so that Portugal could recover some fundamental balances in its economy. I would highlight the external balance that has been maintained over the last eight years, and I highlight this fact because, if we look at the 19th, 20th and 21st centuries, this is the first time that such a balance has been maintained for so long. Again, at the national level, I would like to highlight the election, in 2016, of António Guterres as secretary-General of the United Nations. This is a sign of the prestige of a Portuguese person, which elevates us all and a sign of the respect that Portugal earns in the world. Globally, I would highlight the attack on the Twin Towers in New York, which made us aware that we live in a world where terrorism is a threat to everyone’s security. I would also highlight the pandemic that we have been living through, which shows how fragile we are and the need for a more supportive and cooperative world.

Professionally, what was the most decisive moment for you in these two decades?
The period when I was minister of State and Finance. The challenge of reducing the excessive budget deficit that the country had in 2005, based on structural measures, which was achieved in 2007, the year in which the country had its lowest deficit since 1974. Then there were the challenges posed by the global financial crisis (2008-2009) and the sovereign debt crisis (2010-2011).

In your opinion, what would be the great change that the country and the world would need to make in the next 20 years?
To significantly reduce the levels of poverty and inequality that still exist, both nationally and globally.

Maria Cruz
T. Maria Cruz
P. Rights Reserved
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