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Joao Leao

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Joao Leao
Minister of Finance
In office
15 June 2020 ? 30 March 2022
Prime Minister Antonio Costa
Preceded by Mario Centeno
Succeeded by Fernando Medina
Secretary of State for the Budget
In office
26 November 2015 ? 15 June 2020
Prime Minister Antonio Costa
Preceded by Helder Gomes dos Reis
Succeeded by Claudia Joaquim
Personal details
Born
Joao Rodrigo Reis Carvalho Leao

( 1974-02-15 ) 15 February 1974 (age 50)
Lisbon , Portugal
Political party Socialist
Education NOVA University Lisbon ( BS )
Massachusetts Institute of Technology ( MS , PhD )

Joao Rodrigo Reis Carvalho Leao (born 15 February 1974) is a Portuguese economist, university professor , and politician. He served as Minister of Finance in the government of Prime Minister Antonio Costa of Portugal, sworn in on 15 June 2020.

Early life and education [ edit ]

Leao was born in Lisbon in 1974. He completed his BSc degree in economics in Nova School of Economics . Later, he went on to obtain a PhD in economics at the Massachusetts Institute of Technology (MIT) in 2008. His PhD thesis advisor was Abhijit Banerjee , Nobel Prize in Economics.

Career [ edit ]

In 2024 Leao was appointed by the Council of the European Union as the Portuguese Member of the European Court of the Auditors, after a hearing and the endorsement of the European Parliament. [1]

He was Minister of State and Finance between 2020 and 2022.

In 2021 he was elected President of the Board of Governors European Bank for Reconstruction and Development.

Leao chaired the meetings of the Economic and Financial Affairs Council (ECOFIN) when Portugal held the rotating presidency of the European Council in the first semester of 2021. [2]

Leao Chairing an Ecofin Meeting in 2021. With Christine Lagarde and other EU Finance Ministers

Leao previously served as Secretary of State for the Budget from 2015 until 2020. [3]

He was Director-General of Research Office of the Ministry of Economy from 2010 to 2014.

In the government led by Pedro Passos Coelho , Leao was a member of the Economic and Social Council, working in the Ministry of the Economy and serving as a delegate to the OECD . [4]

As Minister of Finance, Leao oversaw the government's overhaul plan for ailing TAP Air Portugal amid the COVID-19 pandemic , proposing 2,000 job cuts by 2022, pay cuts of up to 25% and 2 billion euros ($2.46 billion) in extra funds with state guarantees to cover financing needs until 2024. [5]

While Leao was at Ministry of Finance, Portugal achieved in 2019 the first budget surplus of the 45 years of the country's democratic history. [6] During this period, between 2015 and 2022, Portugal was the second country in the EU that the decreased the most its budget deficit from 4,4% to 0,3% and the third country that decreased the most its public debt.

After the peak of the pandemic in 2021, While Leao was Minister of Finance, Portugal was also among the first group of Euro area countries to reach a budget deficit below the European limit of 3%. Portugal's fiscal deficit fell from 5,8% in 2020 to 0.3% of GDP in 2022, significantly better than the budget deficit in the eurozone of 3.6% of GDP. Meanwhile, the decline in Portugal's debt ratio was the third largest in the eurozone between 2020 and 2022. Debt-to-GDP fell 21 p.p. in those 2 years, compared with an average decline of 5.6 p.p. in the eurozone. [7] [8]

In 2022, Leao became Portugal’s nominee to succeed Klaus Regling as Managing Director of the European Stability Mechanism ; [9] [10] his candidacy was later endorsed by the French government [11] and later achieved the majority of the weighted votes in the July 2022 meeting of Board of Governors of the ESM. [12] [13] The nomination process narrowed to Leao and Pierre Gramegna , but both pulled out in September 2022 having failed to secure the votes required. [14]

Other activities [ edit ]

European Union organizations
International organizations

References [ edit ]

  1. ^ "Court of Auditors: MEPs back new Portuguese and Swedish candidates | News | European Parliament" . 12 December 2023.
  2. ^ "Informal video conference of economic and finance ministers, 16 February 2021" .
  3. ^ The Associated Press (9 June 2020). "Portugal Finance Chief and Eurogroup Chair Quits Government" . The New York Times . Retrieved 10 June 2020 .
  4. ^ Victoria Waldersee and Catarina Demony (9 June 2020), Portugal's finance minister Centeno to step down Reuters .
  5. ^ Sergio Goncalves and Ingrid Melander (January 7, 2021), Exclusive: Portugal confident it will get EU green light for TAP rescue plan in first quarter   Reuters .
  6. ^ "Portugal ends 2019 with budget surplus of 0.2% of GDP-INE" . Reuters . 25 March 2020.
  7. ^ "Euro area government deficit at 3.6% and EU at 3.4% of GDP - Products Euro Indicators - Eurostat" . ec.europa.eu . Retrieved 5 December 2023 .
  8. ^ "Fitch Revises Portugal's Outlook to Positive; Affirms at 'BBB' " . Fitch Ratings . 6 May 2022 . Retrieved 5 December 2023 .
  9. ^ Paola Tamma (23 May 2022), From patient to doctor: Portugal makes bid to lead the bloc’s bailout fund Politico Europe .
  10. ^ Paola Tamma (23 May 2022), Finance ministers narrow options for eurozone bailout chief Politico Europe .
  11. ^ Bjorn Finke (16 June 2022), Finanzmarkt: Wer wird Herr uber 414 Milliarden Euro? Suddeutsche Zeitung .
  12. ^ https://www.https Archived 19 August 2013 at the Wayback Machine ://www.politico.eu/article/italy-backs-out-of-race-for-bailout-fund-chief-ahead-of-key-vote/
  13. ^ "Joao Leao foi o mais votado, mas nao chegou para ganhar a corrida ao Mecanismo Europeu de Estabilidade" . 11 July 2022.
  14. ^ Bjorn Finke (16 June 2022), Eurozone bailout job vacant as economic clouds loom Euractiv , 7 October 2022.
  15. ^ Board of Governors European Investment Bank (EIB).
  16. ^ Board of Governors Asian Infrastructure Investment Bank (AIIB).
  17. ^ Board of Governors European Bank for Reconstruction and Development (EBRD).
  18. ^ Board of Governors Archived 4 November 2018 at the Wayback Machine Inter-American Investment Corporation (IIC).
  19. ^ Board of Governors Multilateral Investment Guarantee Agency (MIGA), World Bank Group .
  20. ^ Board of Governors World Bank .
Political offices
Preceded by Minister of Finance
2020?2022 		Succeeded by
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