Ravi Menon: Introducing Agustín Carstens
Introductory remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of
Singapore, at the Monetary Authority of Singapore Lecture 2013, Singapore, 5 February
2013.
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Dr Agustin Carstens,
Emeritus Senior Minister Goh Chok Tong,
Ambassadors, distinguished guests, friends and colleagues, good morning.
1. Welcome to seventh MAS Lecture.
2. Since its launch in March 2000, MAS Lecture has provided platform for distinguished
members of international financial community to offer perspectives on significant economic
and financial issues of the day.
3. And today, we are honoured to have as our speaker, Dr Agustin Carstens, Governor of the
Banco de Mexico. Dr Carstens has an outstanding record of service and achievement in his
country as well as on the international scene.
4. He was a Deputy Managing Director at International Monetary Fund between 2003 and
2006. From 2006 to 2009, he was Mexico's Minister for Finance. And in 2009, he was
appointed Governor of Banco de México, returning to an institution where he had started his
career and served with distinction in several key positions.
5. Dr Carstens' topic today is The Quest for Successful Policy Responses to Sovereign
Crises. It is a topic that he is eminently qualified to expound upon.
6. As a former Minister for Finance, he would be familiar with issues related to sovereign
debt and fiscal policy. And as a life-long central banker, he has dealt with crises first-hand.
Mexico's transformation from a nation racked by repeated financial crises to one enjoying
healthy economic growth, low inflation, and remarkable financial stability owes in no small
part to tireless efforts of Dr Carstens and his colleagues in central bank and Mexican
government.
7. I have had the privilege of interacting with Agustin at many international meetings over the
last two years, at the BIS, IMF, FSB, and others. When Agustin speaks, people listen. His
interventions at meetings are always insightful - balanced, thoughtful, and reasonable. He is
an articulate spokesperson for the challenges and concerns of emerging market economies.
And occasionally a well-meaning and constructive critic of policies in the advanced
economies. And Agustin does all this with an abundance of grace, courtesy, and respect for
everyone around him - a gentleman even by the high standards of central bankers.
8. Ladies and gentlemen, please join me in warmly welcoming Dr Agustin Carstens.