CARSTENS
Agustin

• 1. International Monetary Fund
• 2. Secretary of Finance
• 3. Bank of Mexico

Agustín Guillermo Carstens Carstens is a Mexican economist who has served as the general manager of the Bank for International Settlements since 1 December 2017. He served as governor of the Bank of Mexico from 1 January 2010 to 30 November 2017. In 2011, Carstens, along with Christine Lagarde, was one of the two final candidates to become the managing director of the International Monetary Fund. He previously served as secretary of finance in the cabinet of Felipe Calderón (2006–09), as deputy managing director of the International Monetary Fund (2003–06) and as treasurer of the Bank of Mexico. In 2011 he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine. Carstens took up his appointment as the general manager at the Bank for International Settlements in Basel, Switzerland, where he was appointed to a five-year term, starting on 1 December 2017.

International Monetary Fund

After many years at the Bank of Mexico, Carstens took a position at the IMF and served as the deputy managing director – one of three deputies reporting to the director and the board— from 1 August 2003 to 16 October 2006.

Carstens left the IMF to coordinate the economic policy program of Felipe Calderón, then president-elect of Mexico, who appointed him as secretary of finance shortly after the election was validated.

Secretary of Finance

On 26 March 2007, Carstens was additionally appointed new chairman of the joint World Bank/IMF Development Committee, a position customarily occupied by a developing country finance minister.

As secretary, Carstens took the unconventional decision to hedge Mexico's oil earnings for 2009 against possible price falls, leading to an $8 billion profit for the country.

In the aftermath of the 2007 popular protests against rising food prices, Carstens regarded high food prices as a positive driver for investment in agriculture.

Bank of Mexico

Carstens was nominated to the Bank of Mexico on 9 December 2009 by President Felipe Calderón, replacing 12-year veteran Guillermo Ortiz, who reduced inflation from double digits to 4 percent by the end of 2009. He was confirmed by the Senate on 15 December 2009 with 81 votes in favor and 19 votes against.