They tried to violate the autonomy of Banxico, but it was avoided, recalls Gerardo Esquivel in a farewell letter

During the last four years, Banco de México (Banxico) faced complex circumstances, “the most serious”, the attempt to reform the Law that governs that institution “in a direction that violated its autonomy and that had already been approved by the Senate of the Republic”, but “fortunately”, a timely and coordinated response by the institution and other actors managed to prevent this modification from being ratified, exposed Gerardo Esquivel.

In a farewell letter as deputy governor and member of Banxico’s Governing Board, he said that other key moments during his time in office were the attempts to grant surplus resources to the federal government (in 2020) and the suggestion of using them Special drawing rightsto prepay Federal Government debt.

“In all these cases, I expressed my opinion in a clear and transparent manner, putting the interests of the institution and the country before any other consideration,” he said.

In the letter, published on December 30, one day before the end of his term, given the refusal of the president Andres Manuel Lopez Obradorto ratify it in office, explained that throughout these four years, the Bank faced very complicated scenarios: “Not only did we have to face the direct damage of the pandemic, with its consequent effects on our daily work, but also we also had to respond to the economic impacts of it.”

He recalled that in the Governing Board, supported by the staff, he and his now ex-colleagues made crucial decisions to prevent the crisis from

generated by the pandemic also became a financial crisis, whose consequences could have been much more disastrous.

Subsequently, he indicated, the inflationary episode in which we are still immersed had to be faced.

For the now former official, this phenomenon of a global nature, which had not been seen in decades, is still a formidable challenge, which is still being faced today. In any case, he said, “I am convinced that the decisions that the Governing Board has made and will continue to make will contribute to reaching the inflation target within a reasonable horizon.”

He also mentioned that there were some memorable events, such as when the Museum of the Bank of Mexico, which allowed the beautiful institutional space to be opened to the entire population and which will undoubtedly contribute to a better understanding of the importance of Banco de México in the public life of the country. Likewise, the issuance of Family G banknotes, a series of beautiful banknotes whose quality and design have received multiple international recognitions. These two events will be one of the best memories I take with me.

In the letter, he thanked the members of his close team, as well as the different areas of Banxico, and informed that starting this Monday, January 3, he will resume his academic activities and rejoin El Colegio de México.

“As I told a reporter who asked me what my Plan B was if it were not ratified: “My plan B is to return to what has been my plan A all my life”, that is, to return to the academy and the opinion and public debate,” he said in his farewell letter.

diego.badillo@eleconomista.mx