The members of the Board of Directors are chosen from among persons of recognized standing, competence and management experience, as well as knowledge in monetary and banking matters. They are appointed by means of a resolution of the Cabinet, upon proposal of the Finance Minister. They are in office for a term of five years, renewable once for an equal term, by means of a resolution of the Cabinet. The members of the Board of Directors are irremovable from office; they may only be relieved from office should any of the circumstances envisaged in Article This relief from office is made by means of a resolution of the Cabinet, upon proposal of the Finance Minister. They may vacate office upon expiry of their term, or due to permanent incapacity, resignation or legal incompatibility.
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He was the president of the Eurogroup and chairman of the board of Governors of the European Stability Mechanism from to Previously, he was a board member economist of the Bank of Portugal. An expert on labour market issues, Centeno joined the Banco de Portugal Central Bank of Portugal in , where he worked as an economist until Completely unknown to the public at the time he entered government, Centeno had a reputation for economic liberalism in academic circles because of his positions in favour of greater labour market flexibility.