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


Graduated in Law (1994) from the Faculty of Law of the University of Lisbon and in Economics (2015) from Nova SBE - School of Business & Economics. With a master's degree (1998) and PhD (2007) in Law also by the Faculty of Law of the University of Lisbon.


She has been a teacher at several Portuguese and foreign universities, working as a researcher with several articles and books published, mainly in the areas of public finance, public budgeting and social security.


Between 1997 and 2002 and between 2005 and 2007, she worked as a legal advisor and consultant in governmental offices in the areas of Labour and Social Security. In this period, she also integrated several working groups that reviewed legal diplomas in the areas of social security.


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 senior scholar at the Woodrow Wilson International Center for Scholars, where he currently conducts research on the euro crisis. He is a member of the Commission on Reform of the Macro-Fiscal Framework, in Peru. Also, he chairs the OECD reference group on independent fiscal institutions.


In 2009-11, Kopits served as the first chair of the Fiscal Council, Republic of Hungary. During 2004-09, he was a member of the Monetary Council, National Bank of Hungary. Previous positions included: assistant director at the International Monetary Fund (European and Fiscal Affairs Departments), and financial economist at the U.S. Treasury Department (Office of the Secretary). In addition to involvement in fiscal and monetary policymaking in Hungary and the United States, he has led technical assistance missions and was invited to give advice on various policy issues to governments in Europe (Austria, Belgium, Portugal, Ukraine, Russia, United Kingdom), Latin America (Argentina, Brazil, Costa Rica, Ecuador, Mexico, Peru, Venezuela), Asia (China, India, Indonesia, Israel), and Africa (Israel, Madagascar, Nigeria, South Africa).


Kopits has held visiting academic appointments at Bocconi, Budapest, Cape Town, Johns Hopkins, Siena, and Vienna universities. Currently, he is on the adjunct faculty of the Central European University. He is the author of more than sixty publications. Recent titles include: “Can Fiscal Sovereignty be Reconciled with Fiscal Discipline?” Acta Oeconomica (May 2012); “Inflation Targeting under Stress” Central Banking (November 2008); and “Assessing Fiscal Sustainability under Uncertainty” Journal of Risk (Summer 2004). At present, he is editing a volume on Restoring Public Debt Sustainability, to be published by Oxford University Press. He 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).


Conjointly with his academic career, he was collaborator of the Parliamentary Budget Technical Support Unit (UTAO) of the Portuguese parliament, since the start of its activity in November 2006, and served as its Coordinator from March 2011 to February 2012.

Former Members