Central bank governor of the year 2004: Argentina ditches its respected central bank governor on eve of crucial bond exchange

THIS YEAR, FOR the first time ever, Euromoney will present its award for central bank governor of the year to someone who isn't a central bank governor. At the end of September, just two weeks before the IMF/World Bank meetings, the mandate of Argentina's Alfonso Prat-Gay came to an end and president Nestor Kirchner did not renew it.

By Argentine standards, Prat-Gay had a good term at the central bank. As he himself notes: "Twenty months in the job puts me in the top 13 in terms of duration. Thirty-five of my predecessors didn't make it this far."

Nevertheless, the abrupt decision not to reappoint him for a second term came as a complete surprise. There was certainly no hint that he was doing a bad job: his peers have nothing but praise for him, and there was no scandal associated with his departure. "It violates the spirit of...