The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Mexico: Can Cordero rise to the challenge?

Some see finance minister as inexperienced; Reforms face tough path through congress

Ernesto Cordero, Mexico’s new finance minister

"When Cordero came into office he had two choices – to come in guns blazing, claiming he knows everything, or quietly get himself up to speed. He took the latter route and that is good"

Ernesto Cordero, Mexico’s new finance minister, has a difficult year ahead of him. He is facing pressure from the president to push through important political, tax and labour reforms and he also needs to stabilize Mexico’s economy and try to convince sceptics that he is sufficiently experienced. Interviewed by Euromoney in late March, Cordero says: "I don’t know if I can deliver more than Mr Carstens [Agustin Carstens – the previous finance minister] but what I can deliver is solvency and stability and I think that is very important."

On December 9 president Felipe Calderón moved Carstens to head the central bank, replacing him with Cordero. The move immediately prompted a political backlash because of the close ties between Cordero and Calderón. Among the critics was former foreign minister Jorge Castañeda, who wrote soon after the appointment in the local press: "For the first time since [Luis Echeverria named José López Portillo as minister of finance in 1973] the leadership of the Hacienda [finance ministry] is in the hands of someone nominated for exclusively political motives and without the best evident technical qualifications."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree