Reducing the daylight between Government and Central Bank

In a break with tradition, newly-appointed Banco de México Governor Agustín Carstens invited Finance Secretary Ernesto Cordero and Undersecretary Alejandro Werner to attend the Bank’s first policy meeting of the year.  In addition, the Bank and Ministry of Finance jointly announced a decision to start accumulating international reserves. Noted columnist José Yuste, “This would be the first large scale joint operation between the Bank and Hacienda, inaugurating a new relationship between Carstens and Cordero, together with President Felipe Calderón himself. People speak of an understanding which remembers that the central bank is an institution of the federal government.” (Excelsior 1/27)

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