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The Senior Board is CFP’s highest body and is responsible for fulfilling the Council’s mission, the performance of its tasks, the definition of its action plan and the approval of its internal regulations.


The Senior Board is a collegiate body and comprises five members, appointed by the Council of Ministers following a joint proposal from the Chair of the Court of Auditors and the Governor of the Bank of Portugal. The current members were appointed by the Council of Ministers Resolutions no. 1/2012 (19 January), no. 35/2014 (18 November), no. 105/2017 (19 July) and no. 34/2019 (15 February).



Nazaré Costa Cabral

Nazaré da Costa Cabral


Nazaré da Costa Cabral is graduated in Law (1994), from the School of Law of the University of Lisbon and in Economics (2015) from Nova SBE - School of Business & Economics. Has a master's degree (1998) and PhD (2007) in Law also by the School of Law of the University of Lisbon.


The CFP’s Chair is an Associate Professor at the School of Law, University of Lisbon, and has been a teacher at several Portuguese and foreign universities, working as a researcher with various articles and books published, mainly in the public finance, public budgeting and social security domains.


Between 1997 and 2002 and between 2005 and 2007, Nazaré da Costa Cabral worked as a legal advisor and consultant in governmental offices within the Labour and Social Security areas. During this period, she also joined several working groups that reviewed legal diplomas in the social security field.


Later, in 2015 and 2016, she was part of the project "National feasibility assessment of the different European unemployment benefit schemes options", of the consortium led by the Center for European Policy Studies (CEPS), in charge of assessing the conditions and feasibility of creating a European-wide unemployment subsidy.


More recently, in 2018, she was a member of the High Level Expert Group on Pensions and an expert on the European MoveS project (Network of independent experts in the fields of free movement of workers (FMW) and social security coordination), in a consortium led by EFTHEIA with the European Commission.

Paul de Grauwe

Paul de Grauwe


Paul De Grauwe is John Paulson Professor in European Political Economy at the London School of Economics. He is also a Research Fellow at the Centre for European Policy Studies, in Brussels, and at Centre for Economic Policy Research, in London. Paul De Grauwe was a member of the Belgian Federal Parliament between 1991 and 2003. He was also a member of the Group of Economic Policy Analysis advising the European Comission President, José Manuel Durão Barroso.


His research activity focuses on international monetary economics, monetary integration, exchange rate economics and open-economy macroeconomics. His extensive list of publications includes articles available at the CEPS, CEPR and other think tanks’ websites. He has published many books including “The Economics of Monetary Union”, Oxford, “International Money. Post-war Trends and Theories”, Oxford, “The exchange rate in a behavioural finance framework”, Princeton, 2006 and “Lectures on Behavioral Macroeconomics”, 2012.

Miguel St. Aubyn

Miguel St. Aubyn

Executive Member

Miguel St Aubyn, Professor of Economics at ISEG – Lisbon School of Economics and Management, University of Lisbon. With a PhD in Economics from London Business School, University of London, he teaches macroeconomics and economics of education in undergraduate, master’s and doctorate courses at ISEG and other colleges since 1989.


He coordinated ISEG teams that developed studies for the European Commission and the Portuguese Government. He has developed his research activity in the area of macroeconomics, analysis of the efficiency of public expenditure and economic growth. He is the author and co-author of several books and book chapters, and articles in international scientific journals such as Applied Economics, Energy Economics, Ecological Economics, Economics of Education Review and others.

George Kopits

George Kopits

Non-Executive Member

George Kopits is a visiting professor at the Central European University. His current research interests include monetary and fiscal policies and institutions, in the context of financial and healthcare crises. In 2011-20, he was a global fellow at the Woodrow Wilson Center (Washington) and a member of the Public Policy Dialogue, Federal Ministry of Finance (Berlin). In 2012-13, he chaired the OECD Reference Group on Independent Fiscal Institutions and participated in Peru’s Commission on Strengthening the Macro-Fiscal Framework. In 2009-11, Kopits served as the first chair of the Fiscal Council in Hungary— elected unanimously by Parliament. In 2004-09, he was a member of the Monetary Council, National Bank of Hungary. Previous positions include assistant director at the International Monetary Fund, and financial economist at the Office of the Secretary, U.S. Treasury Department. Besides involvement in policymaking in Hungary and the United States, Kopits headed technical assistance teams and was invited to give advice on economic policy issues to governments in Europe (Austria, Belgium, Ireland, Ukraine, Russia, United Kingdom), Latin America (Argentina, Brazil, Costa Rica, Ecuador, Mexico, Peru, Venezuela), Asia (China, India, Indonesia, Israel, Japan, Thailand), and Africa (Madagascar, Nigeria, South Africa).


Kopits has held visiting academic appointments at Bocconi, Budapest, Cape Town, Georgetown, Johns Hopkins, Siena, and Vienna universities, and authored numerous publications. Recent titles include: “Designing a Permanent EU Wide Stabilization Facility” [with R. Beetsma] in D. Adamski and others, eds., Handbook on European Monetary, Economic and Financial Market Integration (Cambridge, 2022); “How Could the Stability and Growth Pact be Simplified?” Euro Area Scrutiny, European Parliament (April 2018); “Managing the Euro Debt Crisis” in L. Odor, ed., Rethinking Fiscal Policy (Cambridge, 2017); “Coping with Fiscal Risk: Analysis and Practice” OECD Journal on Budgeting (November 2014); and Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions (Oxford, 2013). Kopits holds a Ph.D. in economics from Georgetown University and is a member of the Hungarian Academy of Sciences.

Carlos Marinheiro

Carlos Marinheiro

Non-Executive Member

Carlos Marinheiro is Assistant Professor at the Faculty of Economics, University of Coimbra. He holds a PhD in Economics by the Katholieke Universiteit Leuven (Catholic University of Leuven), Belgium (2003), an MBA by the Katholieke Universiteit Leuven (2000), a Master in European Economics (1996) and a BA in Economics (1993) by the University of Coimbra, Portugal. His research interests have focused on the areas of fiscal policy and European integration. Recent titles include: “Fiscal sustainability and the accuracy of macroeconomic forecasts: do supranational forecasts rather than government forecasts make a difference?”, International Journal of Sustainable Economy (2011); “The stability and growth pact, fiscal policy institutions and stabilization in Europe”, International Economics and Economic Policy (2008); “The sustainability of Portuguese fiscal policy from a historical perspective”, Empirica (2006).


Alongside his academic career, he was an employee of the Technical Unit for Budgetary Support (UTAO) of the Portuguese parliament from the beginning of its operation in 2006 until February 2012. He was the first coordinator of this Technical Unit. In February 2012 he took office as a non-executive member of the Senior Board of the Portuguese Public Finance Council (CFP), a position he continues to hold.

Former Members