Michel Camdessus Central Banking Lecture Emerging Markets’ Long and Slippery Road to Development and the Challenges of the Pandemic

July 28, 2021 1.

Introduction It is an honor to speak at the Michel Camdessus Central Banking Lecture.

He is remembered around the world for his leadership, particularly in Mexico. In 1995, following his convictions, and putting his reputation on the line, he pushed forward a historic support program for Mexico that helped us deal with a black-swan event.

This episode shows us that even though great institutions such as the Fund should be faceless, when immense tradeoffs and historical decisions are on the line, personal leadership is essential to maintain the commitment to best serve the institution’s mandate.

We are fortunate that this long-term oriented strong leadership tradition continues with Kristalina Georgieva, who has successfully faced a once-in-a-generation human catastrophe and a global recession with strong resolution.

Comunicación Social, Banco de México, Tel. 55.52.37.24.46, «2021: Año de la Independencia» comsoc@banxico.org.mx