Agustín Carstens

Agustín Guillermo Carstens Carstens, born on June 9, 1958, in Mexico City, is a distinguished Mexican economist with a rich and influential career in finance and international institutions.

Early Years and Education

Carstens began his academic journey by earning a bachelor’s degree in economics from the Mexico Autonomous Institute of Technology (ITAM). His passion for economics led him to the University of Chicago, where he pursued further studies. He completed both a master’s degree in 1983 and a doctorate in economics in 1985. During his doctoral studies, he was under the guidance of Michael Mussa, a prominent economist who later served as the economic counselor and director of the Department of Research at the International Monetary Fund (IMF).

Career at the Bank of Mexico

In the mid-1980s, Carstens returned to Mexico and joined the Bank of Mexico. Despite his youth, he quickly rose through the ranks and was appointed as the treasurer, responsible for managing the national reserves. In the early 1990s, he became the chief of staff for Chairman Miguel Mancera. Towards the end of the 1990s, he assumed the role of Director General of Economic Research. In this capacity, he played a crucial role in designing the Bank’s economic policies, especially in the aftermath of the Tequila Crisis and the Russian default crisis. Carstens also co-authored an analysis of the Mexican Crisis, which highlighted the external factors and political issues contributing to the crisis.

International Monetary Fund

Agustín Carstens left the Bank of Mexico to join the International Monetary Fund (IMF). He served as the deputy managing director of the IMF from August 2003 to October 2006. In this influential role, he was one of three deputies reporting to the director and the board, contributing to the IMF’s global economic policies.

Secretary of Finance

Carstens returned to Mexico to take on a pivotal role in shaping the country’s economic policies. He coordinated the economic policy program of President-elect Felipe Calderón, who subsequently appointed him as the secretary of finance. In this capacity, Carstens made a significant decision to hedge Mexico’s oil earnings for 2009 against potential price drops, a move that resulted in an $8 billion profit for the country. He also saw high food prices as a positive driver for investment in agriculture in the wake of popular protests against rising food prices in 2007.

Bank of Mexico Governor

Carstens’s expertise and contributions to economic policy did not go unnoticed. In December 2009, President Felipe Calderón nominated him as the governor of the Bank of Mexico, succeeding Guillermo Ortiz. His appointment was confirmed by the Senate with a strong majority of 81 votes in favor and 19 against. Carstens took charge of the central bank, building on his predecessor’s achievements in reducing inflation from double digits to 4 percent by the end of 2009.

General Manager of the Bank for International Settlements

In his most recent role, Carstens has been serving as the general manager of the Bank for International Settlements since December 1, 2017. This position at the BIS, located in Basel, Switzerland, underscores his continued commitment to international financial stability and policy coordination.

Agustín Carstens’s career has been marked by a deep commitment to economic stability, financial policy, and international cooperation. His contributions to both Mexico and the global financial community have left a lasting impact on the field of economics and central banking

• Bank for International Settlements General Manager