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In 2007, the American economy experienced a severe crisis which spread across the whole spectrum of credit and financial markets. This also led to declining rates of investment, lower consumption and growing unemployment in that country. At the end of 2008, Agustin Carstens, the former Minister of Finance (2006-2009) and head of the Mexican central bank (2010-2016), expressed in an interview that economic stagnation in the US would have a limited effect on the Mexican economy. When the interviewer noted that Mexico usually catches “pneumonia” when the US has an economic “cold,” the Minister responded that this time the Mexican economy would only “catch the sniffles.” The argument was that Mexico‟s sound policies protected the economy from external shocks. This however did not materialize in Mexico.

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