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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.

Date of last update: 27/11/2023


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 with Aggregation 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.


Nazaré da Costa Cabral is Chair of the CFP Senior Board since March 2019, appointed with the Council of Ministers Resolution no. 1/2012, of February 15th.

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.


He was appointed Vice President of the CFP Senior Board in July 2017, with the Council of Ministers Resolution no. 105/2017, of July 19th.

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.


He was appointed Executive Member of the CFP Senior Board in July 2017, with the Council of Ministers Resolution no. 105/2017, of July 19th.

Noémia Goulart

Noémia Goulart

Non-Executive Member

Noémia Goulart is a Non-Executive Member of the Senior Board of the Portuguese Public Finance Council since December 2022 and a senior statistician at the National Statistical Institute, having worked in the National Accounts Department between January 1999 and March 2005, in the areas of National Accounts methodology and General Government Sector Accounts.


She holds a degree in Economics from the ISEG - Lisbon School of Economics and Management of the Technical University of Lisbon (1997) and a specialization in Corporate Finance applied by the Research Center for Markets and Financial Assets of INDEG - Higher Institute of Labor and Business Sciences (1999), an Advanced Course in Public Management from the National Institute of Administration, I. P. She also holds the curricular part of the Master's degree in Economics and European Studies from the ISEG (2004) and in Economics and Public Policies from the ISCTE (2015).


Since September 2020 and until her appointment to the CFP - where she held from January 2013 to May 2016 the technical coordination of the public finance area - she was the coordinator of the Public Financial Management Reform Unit (UniLEO).


Previously, Noémia Goulart served as Vice-Chairwoman of the Board of Directors of the Institute of Social Security, I.P., from December 2019 to August 2020, having been a member of the Board of Directors of the Institute of Social Security, I.P. from May 2016 to December 2019 and a member of the Board of Directors of the Institute for Social Security Financial Management from June 2009 to October 2012.


Appointed Non-Executive Member of the Senior Board of the CFP with the Council of Ministers Resolution no. 117/2022, of November 25th.

Evi Pappa

Evi Pappa

Non-Executive Member

Evi Pappa is a Non-Executive Member of the Senior Board of the Portuguese Public Finance Council since December 2022 and Professor of Macroeconomics at Universidad Carlos III de Madrid.


She completed her PhD in Economics at the Universitat Pompeu Fabra in Barcelona. Her activity has assumed prominence both in the academic dimension and in economic policy. She is a member of the CEPR-EABCN Euro Area Business Cycle Dating Committee and of the Standing Committee of Women in Economics of the European Economic Association. She is co-editor of the European Economic Review and associate editor of several other academic journals. She is also a research fellow at the Centre for Economic Policy Research (CEPR) and was a committee member of the European Research Council (ERC) Starting Grant 2021. Evi Pappa also has close links with policy institutions, being an academic advisor at the Bank of Spain and the Bank of Canada.


In the past, she has held positions at different universities in Europe (The London School of Economics, Bocconi University, Universidad Autonoma de Barcelona, University of Bern and European University Institute), and has been a visiting researcher at several central banks (Bank of England, European Central Bank, Federal Reserve Bank of Atlanta, Norges Bank and RiksBank).
She is internationally recognized for her work on fiscal policy, a topic on which she has worked intensively throughout her academic career.


Appointed Non-Executive Member of the Senior Board of the CFP with the Council of Ministers Resolution no. 117/2022, of  November 25th.

Former Members