President Lopez Obrador He did it once more: he mistreated one of his closest collaborators, who endured not only the interference of the Executive in technical economic and financial decisions, but also adjusted the federal budgets as appropriate to strengthen the Brunette politically.
Arturo Herrera was discredited by the President before assuming the title of the Ministry of Finance, as well as tried to do with the first secretary Carlos Urzua, who ended up fleeing the government and the whims of the President.
AMLO’s decision to withdraw Herrera’s candidacy to govern Banco de México (Banxico) from January of next year speaks of a President who governs viscerally; who wakes up thinking one thing and changes his mind in the afternoon. A government of occurrences that cost the country dearly.
The uncertainty and the credibility crisis come at a cost. Today the peso lost 1.2% because the federal government was not able to announce, due to the conducive terms, the change of opinion (or mood) of the President regarding his proposal to head the institution with the greatest credibility and pillar of economic stability and financial: the Bank of Mexico. And another piece of information: in the first 10 months of the year, almost 260 billion pesos of financial investments came out of Mexico by foreigners due to this lack of credibility.
Herrera’s mistake, who is neither political nor really interested in these issues, was not having the ability to lobby the government and legislators for their ratification; He went on a trip, dedicated himself to teaching at the Colegio de México and tweeting about international forums. He lacked experience, not only in these matters, but in the public sector.
As surprising as it may sound, they ended up taking Herrera down because they realized that did not meet all the requirements to be governor of Banxico; the most important of which is to have at least five years of experience in high-level positions in the Mexican financial system or in sector authorities. He was two and a half years secretary and undersecretary of Finance in the current government, and just over a year in the Ministry of Finance of the Government of Mexico City, with López Obrador as head of government.
His supposed closeness to the President and the lack of experience necessary to occupy the position of governor ended up precipitating Herrera; this without counting the pressure exerted by the secretary himself Rogelio Ramírez de la O and those considered cabinet ultras and Morena to prevent the arrival of a Carlos Urzúa ward to the central bank.
The great unknown is who is going to replace Herrera as the President’s proposal to enter the Board of Banxico, since they also have time against him. In the government, the Buenrostro sisters are mentioned: Raquel, the current head of the SAT, and Lucía, vice president of the CNBV. Both are mathematical and have experience in the financial sector, although they also do not meet the requirements to join the central bank.
The President will only have to propose a current member of the Bank’s Governing Board to be governor. The only ones who meet the profile are Alejandro Díaz de León, Irene Espinosa and Galia Borja. The latter would be the letter from López Obrador, an economist and mathematician very close to Herrera, by the way.
What AMLO is not spared from, neither his government nor the country is the credibility crisis that errors like this generate.
@MarioMal
– .
