{"id":16650,"date":"2018-11-27T17:40:58","date_gmt":"2018-11-27T23:40:58","guid":{"rendered":"https:\/\/nrgibroker.com\/?p=16650"},"modified":"2018-11-27T17:40:58","modified_gmt":"2018-11-27T23:40:58","slug":"mexicos-incoming-government-names-ally-from-left-to-central-bank","status":"publish","type":"post","link":"https:\/\/nrgibroker.com\/en\/mexicos-incoming-government-names-ally-from-left-to-central-bank\/","title":{"rendered":"Mexico’s incoming government names ally from left to central bank"},"content":{"rendered":"

Reuters \/ Frank Jack Daniel \/ November 26<\/a><\/p>\n

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MEXICO CITY (Reuters) – Mexico\u2019s incoming finance minister on Monday nominated left-leaning economist Gerardo Esquivel as central bank deputy governor, the second appointment to the board by the new government following an independent named in September.<\/p>\n

In a 2016 newspaper opinion piece, Harvard-educated Esquivel raised the question of whether the autonomous Banco de Mexico should adopt a dual-mandate to promote growth as well as low inflation, and argued for more diverse views on the board.<\/p>\n

Esquivel was a spokesman on economic matters for the campaign of President-elect Andres Manuel Lopez Obrador. He is married to Lopez Obrador\u2019s choice for economy minister, Graciela Marquez, and was previously due to serve as a deputy finance minister in the cabinet.<\/p>\n

Lopez Obrador, who secured a landslide election victory in July, takes office on Saturday.<\/p>\n

In his profile on Twitter, Esquivel says \u201chis heart beats to the left.\u201d In 2015 he co-authored an Oxfam study titled \u201cExtreme Inequality in Mexico\u201d that explored the rapidly increasing wealth of Mexico\u2019s small group of billionaires.<\/p>\n

He did not immediately respond to an interview request for this story.<\/p>\n

In a December 2016 column in Mexican daily El Universal, Esquivel strongly defended the bank\u2019s independence, but suggested a debate about whether to change its objective.<\/p>\n

\u201cMaybe what we should start to ask ourselves is whether it is time to move to a dual objective (growth and inflation) in the central bank, instead of a single objective (inflation), in the same way as happens in other countries, like the United States,\u201d he wrote.<\/p>\n

He also cited an article in which he said economist Jonathan Heath argued for \u201ca plurality of visions and perspectives about the economy\u201d on the central bank\u2019s five-strong board.<\/p>\n

Incoming finance minister Carlos Urzua nominated Heath to the board in September, to replace a departing deputy governor. Esquivel is replacing another deputy, who is standing down on health grounds.<\/p>\n

Incoming finance minister Carlos Urzua told Reuters earlier this year that the central bank should preserve its single objective.<\/p>\n

Heath is an outspoken and well-known private economist who was previously chief economist for HSBC bank in Mexico. He told Reuters in September he had a \u201cbalanced\u201d view on monetary policy. He has been critical of the outgoing government as well as some of Lopez Obrador\u2019s policies.<\/p>\n

Both nominations must be approved by the Senate, which is controlled by Lopez Obrador\u2019s MORENA party and its allies.<\/p>\n

Urzua announced the appointment in a news conference aimed at calming investors, after Mexico’s S&P\/BVM IPC stock index .MXXcrashed to its lowest in more than four years on Monday and the peso weakened.<\/p>\n

Urzua later told Reuters he would name Victoria Rodriguez Ceja, another close ally who previously worked with him in Mexico City\u2019s local government, to replace Esquivel.<\/p>\n

The losses to the index and the peso MXN=, which slipped to its weakest against the dollar in more than five months on Monday, come after Lopez Obrador announced he would stop the construction of a $13 billion airport and after a series of bills from his party aimed at regulating business more closely.<\/p>\n

 <\/p>\n

Reuters \/ Frank Jack Daniel \/ November 26<\/a><\/p>\n

 <\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Reuters \/ Frank Jack Daniel \/ November 26   MEXICO CITY (Reuters) – Mexico\u2019s incoming finance minister on Monday nominated left-leaning economist Gerardo Esquivel as central bank deputy governor, the second appointment to the board by the new government following an independent named in September. In a 2016 newspaper opinion piece, Harvard-educated Esquivel raised the […]<\/p>\n","protected":false},"author":18,"featured_media":16656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1516,1518,1017],"tags":[1347,424,684,1950,199,266,556],"class_list":["post-16650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-international-markets","category-news","tag-cide","tag-economy","tag-estados-unidos","tag-inflation","tag-mexico","tag-petroleo","tag-united-states"],"_links":{"self":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/16650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/comments?post=16650"}],"version-history":[{"count":0,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/16650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media\/16656"}],"wp:attachment":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media?parent=16650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/categories?post=16650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/tags?post=16650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}