Mexican Finance Minister Ernesto Cordero

Ernesto Cordero Arroyo served as Mexico's Secretary of Finance and Public Credit (Secretario de Hacienda y Crédito Público), commonly known as the Finance Minister, from 2009 to 2011 during the administration of President Felipe Calderón. His tenure was largely defined by navigating the global financial crisis and its impact on the Mexican economy.

Cordero is an economist by training, holding a bachelor's degree from the Instituto Tecnológico Autónomo de México (ITAM) and a master's and PhD in economics from Stanford University. His academic background provided a strong foundation for understanding and addressing the complexities of macroeconomic policy.

Prior to becoming Finance Minister, Cordero held various positions within the Mexican government. He served as Secretary of Social Development (SEDESOL) from 2008 to 2009, demonstrating his ability to manage large-scale social programs and address poverty issues. He also held positions in the energy sector, further broadening his understanding of the Mexican economy.

As Finance Minister, Cordero played a crucial role in maintaining Mexico's economic stability during a period of global uncertainty. He implemented fiscal policies aimed at controlling government spending and promoting sustainable economic growth. A key accomplishment was overseeing Mexico's relatively strong performance compared to other countries during and after the 2008-2009 financial crisis. Mexico's proactive approach to fiscal discipline, coupled with its relatively sound banking system, helped the country weather the storm better than many expected.

However, Cordero's tenure was not without its challenges. He faced pressure to increase social spending to alleviate poverty and inequality, while simultaneously trying to maintain fiscal responsibility. He also had to contend with the effects of organized crime on the economy, particularly in regions heavily reliant on tourism and trade.

Following his time as Finance Minister, Cordero became involved in politics. He unsuccessfully ran for the presidency in 2012 as a candidate for the National Action Party (PAN). Later, he served as a senator in the Mexican Congress.

Cordero's legacy is complex. He is generally viewed as a capable technocrat who helped guide Mexico through a difficult economic period. Supporters praise his commitment to fiscal prudence and his understanding of macroeconomic principles. Critics, however, argue that his policies were too focused on austerity and did not adequately address the country's deep-seated social problems. Regardless of differing opinions, Ernesto Cordero's role in shaping Mexico's economic policy during a critical period in its history is undeniable.