Dr. Mário Centeno, former Governor of the Bank of Portugal (2020–2025) and former Minister of Finance of Portugal (2015–2020), joined the University of Miami–CEMLA Conference for an in-depth discussion on Europe’s macroeconomic landscape and the future of fiscal coordination in monetary unions.

In this interview with Dr. David Andolfatto, Chair of the Department of Economics at the University of Miami Herbert Business School, Dr. Centeno reflects on how his academic background at Harvard shaped his approach to policy-making and how data-driven decision-making can bridge the gap between economic theory and political reality.

Topics include:

• Europe’s macroeconomic outlook after the pandemic and inflation shocks

• The revision of the Stability and Growth Pact and Eurogroup reforms

• Fiscal discipline versus investment flexibility in a risk-averse Europe

• The need for a Capital Markets Union and stronger fiscal capacity

• Private investment dynamics and the role of “backstops” in building confidence

• Lessons Europe offers for Latin America and North America

This conversation was filmed during the 30th Anniversary CEMLA Conference (2025), where Dr. Centeno delivered his keynote address titled “Monetary Policy in a World of High Fiscal Deficits and Trade Fragmentation: From Tailwinds to Headwinds,” honoring Dr. Allan Herbert.

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