December 17, 1997

Just when economic events finally seemed to be going well for Mexico, with the turmoil of financial markets in Asia and South America not causing even a ripple in the economy, ominous changes have occurred in the leadership of the Bank of Mexico, the main bastion of price and exchange rate stability. Dr. Guillermo Ortiz, until now Secretary of Finance, was named to succeed Miguel Mancera who retires as Governor of the bank at the end of the year. Even worse, Francisco Gil-Diaz, who was the heir apparent to the position, resigned from the Board of Governors, effective immediately, to accept a new job as chairman of a telecommunications group that partners MCI and the Banamex Financial Group.

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