So far in his six-year term, the president Andres Manuel Lopez Obrador He has appointed four of the five current members of the Governing Board, including Governor Victoria Rodríguez Ceja, and some were questioned for their little experience in monetary policy.
Article 39 of the Banxico Law mentions that among the requirements that the person appointed as a member of the Governing Board must meet is that they enjoy recognized competence in monetary matters and have held, for at least five years, high-level positions in the Mexican financial system or in the agencies, agencies or institutions that exercise authority functions in financial matters.
Before arriving at Banxico, in January 2022, Rodríguez Ceja served as Undersecretary of Expenditures of the Ministry of Finance, in addition to holding various positions in the Ministry of Finance of CDMX, says the central bank page. She adds that she has almost 20 years of experience in the field of public finance.
Omar Mejia Castelazo, who as of this year is the new deputy governor of Banxico , has 20 years of experience in the “analysis” of issues of monetary policy, financial administration and public finances among others. From March 2021 until before his current position, he worked as a technical investigator for the Governing Board.
“Although the Governing Board today is characterized by some people who have not had as much professional experience or who have not had professional central banking experience, the support of the staff and the wealth of the Bank’s human capital continues,” said Guzmán. Calafell, who recently published his book “The other side of the coin. The economic debacle of the nineties in Mexico.
The person who was deputy governor of Banxico between February 2013 and December 2020, and who completed master’s studies at Louvain and Yale Universities, added that one way to minimize these risks is precisely to ensure that Banxico’s staff continues, that this part It is not touched, that this civil service continues as it is and that the people who continue to be promoted are the entity’s career people.
In its organizational chart, Banxico mentions at least 12 general directorates, among which Economic Research, Financial Stability and Central Bank Operations stand out, among others, as well as an Executive Coordination and a Technical Management.
Vulnerabilities
Low economic growth and vulnerabilities in public finances and the financial system are the main internal risks facing the Mexican economy, Guzmán Calafell said.
The economist added that given the rise in interest rates, public finances will come under pressure: “Public finances in Mexico are characterized by tax revenues that are very low, they have to be strengthened, but also the other problem is that we need to very high investment Impossible to meet the public investment needs that we have with these tax revenues. Those tax revenues have to be strengthened,” he commented.
In The other side of the coin. The economic debacle of the nineties in MexicoGuzmán Calafell narrates in detail the challenges that Mexico had to face in the last great economic crisis of 1994, as well as the negotiations that the author and his team faced with the authorities of the International Monetary Fund (IMF) to receive the financial support that would revive the economy.
