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Agustín Carstens is currently the general manager of the Banco de Pagos Internacionales, a bank for central banks. EFE/José Méndez
Agustín Carstens, current general manager of the Bank for International Settlements (BIS) and former governor of the Bank of Mexico (Banxico) will receive the influential King of Spain Economics Award from the Bank of Spain.
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The Jury of the King of Spain Economy Award determined in November of last year to grant this recognition to the former Mexican official, considering him one of the most important economic policy makers in Latin America.
It was considered that Agustín Carstens has stood out for his analysis and his ability in economic matters, as well as for his leadership and ability to implement policies on the matter for three decades.
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“He has been a main actor in the main transformations of the Mexican economy in recent decades: macroeconomic stabilization after the ‘Tequila crisis’; the modernization of the regulatory framework of the Mexican financial system; the tax reform and the public sector pension system; and the autonomy regime of the Bank of Mexico”, the Bank of Spain said at the time about Carstens Carstens.
The Governing Board of the Banco de España announced last November the delivery of the Economy Award to Carstens Carstens. REUTERS/Edgard Garrido
Although it was announced since last November 18 that he would receive this award, it has been reported that it will not be until March 6 when this award, established in 1986 by the José Celma Prieto Foundation, will be delivered to the Mexican economist.
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The Foundation said that the delivery will take place on Monday at 7:00 p.m. (Spanish time), and that the award will be delivered by King Felipe VI. The ceremony will take place at the Bank of Spain, in Madrid.
Currently, Agustín Carstens is the general manager of the Banco de Pagos Internacionales, which he has directed since December 2017, after being governor of Banxico in the six-year term of Enrique Peña Nieto.
His term in office would end in November of last year, but the BIS Governing Board decided to extend his term until June 2025, arguing his work “in the midst of the challenges caused by the pandemic.”
His contributions to international economic policy also stand out, such as the development of the inflation targeting scheme that is used by central banks and his analytical contributions to have a good functioning of the exchange rate.
He is a Mexican economist, with a degree in Economics from the Autonomous Technological Institute of Mexico (ITAM) and a PhD from the University of Chicago.
Between 1980 and the year 2000, Agustín Carstens Carstens performed various tasks within Banco de México as General Director of Economic Research, Treasurer and Coordinator of Advisors to the Governor of the Mexican Central Bank.
It was in the year 2000 when he came to the federal government, where he served as head of the Ministry of Finance and Public Credit (SHCP), where he held until August 2003.
From then on his name gained even more relevance as he was Deputy Managing Director of the International Monetary Fund (IMF).
Three years later, former President Felipe Calderón called him to be the Economic Coordinator of his transition team.
In 2011 he was placed among the economists who could lead the International Monetary Fund; however, on that occasion Christine Lagarde was elected.
He was president of the Financial Stability Board for the Americas, in addition to being a member of the Group of Thirty (G30), made up of economic and financial leaders from the public and private sectors, and from academia.
Currently, as general manager of the Bank for International Settlements, Agustín Carstens has promoted the work of central banks on cryptocurrencies and their possible issuance by these banks.
In October of last year, President Andrés Manuel López Obrador considered Agustín Carstens one of the opposition’s ‘corcholatas’ for the Presidency of the Republic in 2024.
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