Today President Calderon nominated Finance Minister Agustin Carstens to replace Guillermo Ortiz, whose term as Governor of the central bank (Banxico), ends on December 31. Carstens' nomination was well received.
Ernesto Codero, who was head of Sedesol (the Ministry of Social Development) until today, will replace Carstens in Hacienda. There's the rub. The President knows Cordero well but the markets don't.
Furthermore, putting Hacienda in the hands of a man so closely identified with the PAN and the President virtually ensures that the fiscal reform on tap for 2010 will be dead on arrival when it gets to Congress.
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