When president Ernesto Zedillo appointed his finance secretary, Guillermo Ortiz, to head the central bank for the next six years, tongues wagged. In Mexico, political pundits speculated endlessly about the reasons Zedillo would overlook the most obvious choice for the position, the eminently qualified central bank vice governor Francisco Gill Diaz, and sacrifice the most vital member of his cabinet.
Ortiz, after all, is considered the architect of Mexico’s successful economic recovery. These observers felt this blatantly political move did not serve the Banco de Mexico’s new-found reputation as an autonomous institution.
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