Rodrigo Rato
Encyclopedia
Rodrigo de Rato y Figaredo (born 18 March 1949) is a Spanish
political figure who served in the government of Spain as Minister of the Economy
from 1996 to 2004; a member of the conservative People's Party
(PP), he was also First Deputy Prime Minister from 2003 to 2004. Subsequently he was Managing Director of the International Monetary Fund
(IMF) from 2004 to 2007.
Rato was appointed to become the Managing Director of the IMF on 4 May 2004, and took up his duties on 7 June 2004. He left his post at the IMF on 31 October 2007, following the World Bank-IMF Annual Meetings. He is married to María Ángeles Alarco Canosa, a businesswoman.
, into a rich textile owning family from Asturias
. He is the great grandson of Faustino Rodríguez-San Pedro and the son of Ramón Rato
. De Rato attended a Jesuit school before studying law in the Complutense University.
In 1971 he went to University of California, Berkeley
, where he received an MBA
in 1974 from the Haas School of Business
. In 1975 he became involved in the family business, first in Fuensanta, an Asturian mineral water company, and then in two Madrid construction firms. He also became involved in expanding the Cadena Rato chain of radio stations.
In 1977 he joined the newly formed Popular Alliance
(AP), a party containing ex ministers of Franco founded by Manuel Fraga, a close personal friend of his father. In December 1979 he was elected to their national executive committee, and became secretary of their economic commission, and in February 1981 became one of the five Secretaries General of the party, and was considered to be their economic expert, supporting tight controls on public spending, and an emphasis on the supply side of economics. In October 1982 he was elected as AP member of the Cortes Generales
for Cádiz
in spite of having no connection to this Andalucian town. He represented the area until 1989 and subsequently represented Madrid
from 1989-2000.
The 1982 election represented a defeat for the AP, and the beginning of the long rule of the PSOE
and Felipe González
. Till 1984 he was the Secretary of the parliamentary group. He then became their economic affairs spokesman where he impressed the party with his attacks on the PSOE's economic policies. He was seen to be on the liberal
wing of the party.
When Fraga resigned from the leadership in December 1986 Rato backed Miguel Herrero y Rodríguez who lost the leadership race to Antonio Hernández Mancha, but managed to keep his positions within the party. During these years he also continued his business career, becoming President of Fuensanta. In June 1989 Fraga again became interim President after the generally acknowledged failure of the leadership of Hernández Mancha. The party became the slightly more inclusive People's Party
(PP). Rato was given shared responsibility over the elections with Francisco Álvarez-Cascos Fernández, the new party Secretary General. He was a close supporter of José María Aznar
, who was voted as the new PP leader on 4 September.
On 29 October, PP lost the general election, though his role in the campaign gave him national prominence. Afterwards he was appointed party spokesman. On 2 April 1990 his father sold the family stake in Cadena Rato for 5 billion pesetas
. In June 1991 he stopped being President of Fuensanta, but remained on the board until 1993. On 6 June that year the PP lost another general election to PSOE. In the 12th National Congress in January 1996 he was confirmed as one of the 3 Vice secretaries of the party.
, and on 6 May Rato became both second Vice President and minister of Economy and Finance
. On 12 March 2000 the PP won again, this time with an absolute majority. His ministries were reorganised, and he gave all his responsibilities to Cristóbal Montoro Romero
who became Minister of Finance. In his second term he had to fend off various charges of incompatibility between his public office and his private business interests.
on 7 June 2004, taking over from Anne Krueger, who had been acting as temporary director after Horst Köhler
, who at that time was nominated (and later elected) President of Germany
, resigned the post 4 March 2004.
In June 2007 Rato announced that he would resign his post in the following October, citing personal reasons. On 28 September 2007, the International Monetary Fund
's 24 executive director
s selected former French Minister for Economics, Finance, and Industry, Dominique Strauss-Kahn
, over the former Czech Minister Josef Tošovský
, to be the new Managing Director in succession to de Rato.
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
political figure who served in the government of Spain as Minister of the Economy
Ministry of Economy and Finance (Spain)
The Ministry of Economy and Finance is the Ministry of Economic affairs and Second Vice President of the Government of SpainThis Ministry is in charge of the development, proposal and execution of the economical policy of the government, specially of the State Budgets, the control of Public...
from 1996 to 2004; a member of the conservative People's Party
People's Party (Spain)
The People's Party is a conservative political party in Spain.The People's Party was a re-foundation in 1989 of the People's Alliance , a party led and founded by Manuel Fraga Iribarne, a former Minister of Tourism during Francisco Franco's dictatorship...
(PP), he was also First Deputy Prime Minister from 2003 to 2004. Subsequently he was Managing Director of the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(IMF) from 2004 to 2007.
Rato was appointed to become the Managing Director of the IMF on 4 May 2004, and took up his duties on 7 June 2004. He left his post at the IMF on 31 October 2007, following the World Bank-IMF Annual Meetings. He is married to María Ángeles Alarco Canosa, a businesswoman.
Politician
Rodrigo de Rato was born in MadridMadrid
Madrid is the capital and largest city of Spain. The population of the city is roughly 3.3 million and the entire population of the Madrid metropolitan area is calculated to be 6.271 million. It is the third largest city in the European Union, after London and Berlin, and its metropolitan...
, into a rich textile owning family from Asturias
Asturias
The Principality of Asturias is an autonomous community of the Kingdom of Spain, coextensive with the former Kingdom of Asturias in the Middle Ages...
. He is the great grandson of Faustino Rodríguez-San Pedro and the son of Ramón Rato
Ramón Rato
Ramón Rato was a Spanish businessman who in 1947 set up the "Cadena Rato" radio station which became one of the most popular in Spain during the Franco dictatorship, of whom Rato was a supporter, though he was equally supportive of Juan Carlos after Franco's death.In 1967 he was imprisoned for 3...
. De Rato attended a Jesuit school before studying law in the Complutense University.
In 1971 he went to University of California, Berkeley
University of California, Berkeley
The University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA...
, where he received an MBA
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
in 1974 from the Haas School of Business
Haas School of Business
The Walter A. Haas School of Business, also known as the Haas School of Business or simply Haas, is one of 14 schools and colleges at the University of California, Berkeley....
. In 1975 he became involved in the family business, first in Fuensanta, an Asturian mineral water company, and then in two Madrid construction firms. He also became involved in expanding the Cadena Rato chain of radio stations.
In 1977 he joined the newly formed Popular Alliance
Popular Alliance (Spain)
The People's Alliance was a electoral coalition, and later a political party, founded in 1976 by Manuel Fraga along with six other former Francoist ministers.- History :...
(AP), a party containing ex ministers of Franco founded by Manuel Fraga, a close personal friend of his father. In December 1979 he was elected to their national executive committee, and became secretary of their economic commission, and in February 1981 became one of the five Secretaries General of the party, and was considered to be their economic expert, supporting tight controls on public spending, and an emphasis on the supply side of economics. In October 1982 he was elected as AP member of the Cortes Generales
Cortes Generales
The Cortes Generales is the legislature of Spain. It is a bicameral parliament, composed of the Congress of Deputies and the Senate . The Cortes has power to enact any law and to amend the constitution...
for Cádiz
Cádiz (Spanish Congress Electoral District)
Cádiz is one of the 52 electoral districts used for the Spanish Congress of Deputies - the lower chamber of the Spanish Parliament, the Cortes Generales. It was first contested in modern times in the 1977 General Election...
in spite of having no connection to this Andalucian town. He represented the area until 1989 and subsequently represented Madrid
Madrid (Spanish Congress Electoral District)
Madrid is one of the 52 electoral districts used for the Spanish Congress of Deputies - the lower chamber of the Spanish Parliament, the Cortes Generales. It has the largest electorate of all the 52 districts. Madrid is the largest city...
from 1989-2000.
The 1982 election represented a defeat for the AP, and the beginning of the long rule of the PSOE
Spanish Socialist Workers' Party
The Spanish Socialist Workers' Party is a social-democratic political party in Spain. Its political position is Centre-left. The PSOE is the former ruling party of Spain, until beaten in the elections of November 2011 and the second oldest, exceeded only by the Partido Carlista, founded in...
and Felipe González
Felipe González
Felipe González Márquez is a Spanish socialist politician. He was the General Secretary of the Spanish Socialist Workers' Party from 1974 to 1997. To date, he remains the longest-serving Prime Minister of Spain, after having served four successive mandates from 1982 to 1996.-Early life:Felipe was...
. Till 1984 he was the Secretary of the parliamentary group. He then became their economic affairs spokesman where he impressed the party with his attacks on the PSOE's economic policies. He was seen to be on the liberal
Liberalism
Liberalism is the belief in the importance of liberty and equal rights. Liberals espouse a wide array of views depending on their understanding of these principles, but generally, liberals support ideas such as constitutionalism, liberal democracy, free and fair elections, human rights,...
wing of the party.
When Fraga resigned from the leadership in December 1986 Rato backed Miguel Herrero y Rodríguez who lost the leadership race to Antonio Hernández Mancha, but managed to keep his positions within the party. During these years he also continued his business career, becoming President of Fuensanta. In June 1989 Fraga again became interim President after the generally acknowledged failure of the leadership of Hernández Mancha. The party became the slightly more inclusive People's Party
People's Party (Spain)
The People's Party is a conservative political party in Spain.The People's Party was a re-foundation in 1989 of the People's Alliance , a party led and founded by Manuel Fraga Iribarne, a former Minister of Tourism during Francisco Franco's dictatorship...
(PP). Rato was given shared responsibility over the elections with Francisco Álvarez-Cascos Fernández, the new party Secretary General. He was a close supporter of José María Aznar
José María Aznar
José María Alfredo Aznar López served as the Prime Minister of Spain from 1996 to 2004. He is on the board of directors of News Corporation.-Early life:...
, who was voted as the new PP leader on 4 September.
On 29 October, PP lost the general election, though his role in the campaign gave him national prominence. Afterwards he was appointed party spokesman. On 2 April 1990 his father sold the family stake in Cadena Rato for 5 billion pesetas
Spanish peseta
The peseta was the currency of Spain between 1869 and 2002. Along with the French franc, it was also a de facto currency used in Andorra .- Etymology :...
. In June 1991 he stopped being President of Fuensanta, but remained on the board until 1993. On 6 June that year the PP lost another general election to PSOE. In the 12th National Congress in January 1996 he was confirmed as one of the 3 Vice secretaries of the party.
Economics minister
Then on 3 March 1996 the PP won the general election. On 4 May Aznar became Prime Minister of SpainPrime Minister of Spain
The President of the Government of Spain , sometimes known in English as the Prime Minister of Spain, is the head of Government of Spain. The current office is established under the Constitution of 1978...
, and on 6 May Rato became both second Vice President and minister of Economy and Finance
Ministry of Economy and Finance (Spain)
The Ministry of Economy and Finance is the Ministry of Economic affairs and Second Vice President of the Government of SpainThis Ministry is in charge of the development, proposal and execution of the economical policy of the government, specially of the State Budgets, the control of Public...
. On 12 March 2000 the PP won again, this time with an absolute majority. His ministries were reorganised, and he gave all his responsibilities to Cristóbal Montoro Romero
Cristóbal Montoro Romero
Cristobal Montoro Romero is a Spanish politician andMember of the European Parliament with the People's Party,part of the European People's Party and sits onthe European Parliament's Committee on Economic and Monetary Affairs...
who became Minister of Finance. In his second term he had to fend off various charges of incompatibility between his public office and his private business interests.
IMF Managing Director
Rato became the Managing Director of the IMFInternational Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
on 7 June 2004, taking over from Anne Krueger, who had been acting as temporary director after Horst Köhler
Horst Köhler
Horst Köhler is a German politician of the Christian Democratic Union. He was President of Germany from 2004 to 2010. As the candidate of the two Christian Democratic sister parties, the CDU and the CSU, and the liberal FDP, Köhler was elected to his first five-year term by the Federal Assembly on...
, who at that time was nominated (and later elected) President of Germany
President of Germany
The President of the Federal Republic of Germany is the country's head of state. His official title in German is Bundespräsident . Germany has a parliamentary system of government and so the position of President is largely ceremonial...
, resigned the post 4 March 2004.
In June 2007 Rato announced that he would resign his post in the following October, citing personal reasons. On 28 September 2007, the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
's 24 executive director
Executive director
Executive director is a term sometimes applied to the chief executive officer or managing director of an organization, company, or corporation. It is widely used in North American non-profit organizations, though in recent decades many U.S. nonprofits have adopted the title "President/CEO"...
s selected former French Minister for Economics, Finance, and Industry, Dominique Strauss-Kahn
Dominique Strauss-Kahn
Dominique Gaston André Strauss-Kahn , often referred to in the media, and by himself, as DSK, is a French economist, lawyer, politician, and member of the French Socialist Party...
, over the former Czech Minister Josef Tošovský
Josef Tošovský
Josef Tošovský is a Czech economist and was governor of Czech National Bank from 1993 to 2000. From 16 December 1997 to 17 July 1998 he was the Prime Minister of the Czech Republic in a caretaker government.Tošovský graduated from the University of Economics, Prague...
, to be the new Managing Director in succession to de Rato.