by: Dr. Mario Melgar-Adalid

The global scandal surrounding Dominique Strauss Khan, or DSK, as the press now calls him, and the recent vacancy he left in the presidency of the International Monetary Fund (IMF), has brought about Mexico’s nomination of the Governor of the Bank of Mexico, Agustín Carstens, as a candidate for the IMF presidency. Before becoming the Governor of the Bank of Mexico, Carstens was Mexico’s Secretary of Finance and Public Credit. Pursuant to an unwritten tradition, a “Gentlemen’s Agreement” has existed since the creation of the IMF and the World Bank in Bretton Woods, New Hampshire, wherein the presidencies of the IMF and the World Bank have been filled by a European and an American, respectively. This time, the voice of emerging countries and economies has been heard, as Carstens is now a contender in the election for the new President of the Fund. It is not a sure victory, as the French Minister of Economic Affairs, Finance and Industry, Christine Lagarde, has received the support of European countries. Lagarde is a very strong contender and a remarkable candidate with a very unusual background. She has been a national champion in synchronized swimming, as well as a successful attorney in the United States, where she practiced for 25 years. Kenneth Rogoff, an economics professor at Harvard and an economist with the IMF, has said that Lagarde is treated like a “rock star” at high level meetings around the world. Though he may not have the charisma of a “rock star,” Carstens’ impressive experience, skills and training, as an economist, places him among an elite group of top level Mexican government officials who are known worldwide for their professional and technical expertise. While Carstens may not have been a competitive swimmer, he was an outstanding first baseman in Mexico’s amateur baseball league. His academic and professional credentials compete with the world’s best. Regardless of the outcome of the election, Carstens is a strong candidate and a worthy representative of Mexico.