Rodrigo Rato facts for kids
Quick facts for kids
Rodrigo Rato
|
|
|---|---|
 |
|
| Managing Director of the International Monetary Fund |
|
| In office 7 June 2004 – 1 November 2007 |
|
| Preceded by | Horst Köhler |
| Succeeded by | Dominique Strauss-Kahn |
| First Deputy Prime Minister of Spain | |
| In office 3 September 2003 – 17 April 2004 |
|
| Prime Minister | José María Aznar |
| Preceded by | Mariano Rajoy |
| Succeeded by | María Teresa Fernández de la Vega |
| Minister of Economy | |
| In office 27 April 2000 – 17 April 2004 |
|
| Prime Minister | José María Aznar |
| Preceded by | Position established |
| Succeeded by | Pedro Solbes |
| Second Deputy Prime Minister of Spain | |
| In office 6 May 1996 – 4 September 2003 |
|
| Prime Minister | José María Aznar |
| Preceded by | Juan Antonio García Díez |
| Succeeded by | Javier Arenas |
| Minister of Economy and Finance | |
| In office 5 May 1996 – 27 April 2000 |
|
| Prime Minister | José María Aznar |
| Preceded by | Pedro Solbes |
| Succeeded by | Cristóbal Montoro (Finance) |
| Member of the Congress of Deputies | |
| In office 21 November 1989 – 12 May 2004 |
|
| Constituency | Madrid |
| In office 28 October 1982 – 21 November 1989 |
|
| Constituency | Cádiz |
| Personal details | |
| Born |
Rodrigo de Rato y Figaredo
18 March 1949 Madrid, Spain |
| Political party | People's Party |
| Spouse |
Alicia Gonzalez
(m. 2015) |
| Children | 3 |
| Relatives | Ramón Rato (Father) |
| Education | Complutense University University of California, Berkeley |
Rodrigo de Rato y Figaredo (born 18 March 1949) is a Spanish businessman and politician. He held important roles in the Spanish government from 1996 to 2004. He also served as the head of the International Monetary Fund (IMF) from 2004 to 2007. Later, he became the president of Bankia, a large Spanish bank, from 2010 to 2012.
Rodrigo Rato faced legal challenges related to his time in banking. In 2017, he was found responsible for certain financial issues and received a prison sentence. This sentence was confirmed by the Supreme Court of Spain in 2018. In 2020, he was cleared in a separate case about Bankia's financial reporting. He faced further legal issues in 2024 concerning financial matters during his time at Bankia.
Contents
Early Life and Education
Rodrigo de Rato was born in Madrid, Spain. His family was well-known in the textile industry in Asturias. He is the great-grandson of a politician named Faustino Rodríguez-San Pedro y Díaz-Argüelles. His parents were businessman Ramón Rato and Aurora Figaredo Sela. Both sides of his family had businesses and noble titles.
Rato went to a Jesuit school, Our Lady of Remembrance College, Madrid. After that, he studied law at the Complutense University. In 1971, Rato traveled to the University of California, Berkeley. He earned an MBA degree in 1974 from the Haas School of Business.
Political and Economic Career
Starting in Business and Politics
In 1975, Rodrigo Rato began working in his family's businesses. He worked for Fuensanta, a mineral water company in Asturias. He also worked for two construction companies in Madrid. He helped expand the Cadena Rato chain of radio stations.
In 1977, Rato joined a new political party called the Popular Alliance (AP). This party was started by Manuel Fraga, a friend of Rato's father. By 1979, Rato was elected to the party's national executive committee. He became known as the party's expert on economic matters. He believed in controlling government spending and focusing on the supply side of the economy.
In 1982, Rato was elected as a member of the Congress of Deputies for Cádiz. This is a part of the Spanish parliament. He represented Cádiz until 1989. After that, he represented Madrid until 2000.
During the 1980s, Rato became a key spokesperson for his party on economic issues. He often criticized the economic plans of the ruling PSOE. He was seen as a liberal thinker within his party. In 1989, the Popular Alliance became the People's Party (PP). Rato played an important role in the party's campaigns. He was a strong supporter of José María Aznar, who became the new leader of the PP.
Serving as Minister and Vice President
In 1996, the PP won the general election. On May 4, Aznar became Prime Minister of Spain. Two days later, Rodrigo Rato was appointed as both the Second Vice President and the Minister of Economy and Finance. This made him a very important figure in the Spanish government.
In 2000, the PP won again, this time with a clear majority. Rato's ministries were reorganized. He continued to oversee economic policy. During this time, he had to address questions about his public role and his private business interests.
Leading the International Monetary Fund (IMF)
On June 7, 2004, Rodrigo Rato became the managing director of the IMF. The IMF is an international organization that works to help countries with their economies. It provides financial assistance and advice to its member countries. Rato took over from Horst Köhler, who had become the President of Germany.
In June 2007, Rato announced he would leave his position at the IMF in October. He said he was leaving for personal reasons. On September 28, 2007, Dominique Strauss-Kahn was chosen to be the new managing director of the IMF, taking over from Rato.
Career in the Private Sector
Bankia Presidency
In 2010, Rato became the president of Caja Madrid, a public savings bank in Spain. Later, Caja Madrid merged with six other savings banks to form a new group called Bankia. Rato became the president of Bankia.
In May 2012, Rato resigned from his role at Bankia. This happened during a time of growing concerns about the bank's financial health.
Personal Life
Rodrigo Rato married journalist and editor Alicia Gonzalez in 2015. They have three children.
Images for kids
-
Rodrigo Rato
-
Rodrigo de Rato (right), Turkey's Minister of Economy Ali Babacan (center), and World Bank President Paul Wolfowitz (left) shaking hands in 2006.
