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Document Type

Lessons Learned

Abstract

Agustín Carstens had a long career at Bank of Mexico, the country’s central bank, starting in 1980, before he was named the country’s minister of finance, a post he held from 2006 to 2009. In January 2010, he was named governor of Bank of Mexico and served in that role through 2017, when he became general manager of the Bank for International Settlements (BIS). Carstens managed multiple financial crises during his career. Mexico weathered a significant upheaval during the Mexican Peso Crisis of 1994–95, and again during the 2007–09 Global Financial Crisis (GFC). The Mexican economy did not have the mortgage market issues that afflicted the United States, but the close linkages between the two countries caused major advanced dislocations. Carstens has often written and spoken about the spillover effect that crises in advanced economies and their countermeasures have on emerging market economies. He is a member of the Yale Program on Financial Stability Advisory Board. This Lessons Learned summary is based on an interview held on May 19, 2025.

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