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Priority challenges

The assessment of banking institutions has always served to gauge the situation of our country
Ernesto Torres Cantú, EO of Banamex Financing Group - File photo/EL UNIVERSAL
27/02/2018
08:45
Mexico City
Newspaper Leader by EL UNIVERSAL
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The Presidential succession in any country causes uncertainty and Mexico is not the exception. However, knowing which are the most serious problems that Mexico is going through and devise strategies to resolve them, on the contrary, generates certainty.

Since yesterday and throughout the upcoming days, EL UNIVERSAL will be featuring interviews with chief executives of banking institutions, a sector that has always served to gauge the country's situation. The day-to-day relations they keep with companies, employees, and consumers provide them with elements to obtain a faithful diagnosis of our reality.

This Tuesday, the CEO of Grupo Financiero Banamex (Banamex Financing Group), Ernesto Torres Cantú, analyzes the pending issues in Mexico and highlights the crux of the matter: lack of rule of law. “In Economy and in other areas, this is a pending issue.”

The CEO is not wrong when he says that the lack of rule of law is preventing us from putting an end to corruption and insecurity. The strict enforcement of the law without distinction can solve, in itself, other problems.

From his perspective, informal employment is another huge challenge Mexico needs to resolve. The sale of dozens of products outside the established channels generates income that doesn't form part of formal means: there are no taxes or employees registered before the National Institute of Social Security, or contributions made to the Pension Funds Manager (AFORE) or the National Worker's Housing Fund Institute (INFONAVIT). Data from the last quarter of 2017 show that 57% of the working population had an informal job.

For the Chairman of the Board of Directors of BBVA Bancomer, Luis Robles Miaja, a vital issue of this government and any other has to be the responsible management of public finances. The last important economic crisis in Mexico happened 25 years ago. Millions of Mexicans know nothing about double digits in inflation or sudden currency depreciation.

In this electoral times, presidential candidates should gather the diagnosis of several sectors of the country. The one provided by banking institutions is the most relevant, given that the behavior of the clients of banking institutions is a reflection of the Mexican economy. They are all useful markers on the performance of national finances.

Their assessments point out to the issues that take priority. Like other industries, these are voices that need to be listened to attentively.

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