Journal Issue

Carstens Leaves to Take Transition Post in Mexico

International Monetary Fund. External Relations Dept.
Published Date:
November 2006
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Agustín Carstens resigned as IMF Deputy Managing Director on October 16 to join the transition team of Felipe Calderon, the President-elect of Mexico, who is scheduled to take office on December 1.

Managing Director Rodrigo de Rato said that Carstens, who was Deputy Secretary of Finance in Mexico before joining the IMF’s management team in 2003, has made an important contribution to the Fund. De Rato said that Carstens was a “driving force” for “making our technical assistance work more effective. He clearly understood that good policy in surveillance and lending programs needed to be backed up by providing robust technical assistance to strengthen institutional frameworks.”

De Rato also said that Carstens was a “tireless advocate for keeping in close contact with our membership” and was a “superb ambassador for the Fund who carried high credibility with policymakers.” De Rato credited Carstens with having strengthened the IMF’s work on financial sector issues, noting that he “has consistently brought to the attention of the international community the importance of well-functioning financial systems. He has emphasized both the economic and fiscal costs of bank failures and the importance of financial systems in promoting growth and development.” In addition to serving as Deputy Secretary of Finance, Carstens held a number of positions at Mexico’s central bank, Banco de Mexico, and in 1999–2000 was an IMF Executive Director.

In a statement, Carstens, 48, said he had intended to stay at the Fund for five years. “It is, therefore, with great regret that I have to say goodbye today in order to work in the service of my country.”

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