Fabrizio López-Gallo served as the Bank of Mexico’s director general of financial stability during the COVID-19 pandemic, having been financial sector specialist and risk analysis and special projects manager for the central bank during the 2007–09 Global Financial Crisis (GFC). The Mexican government declared a health emergency at the outbreak of the pandemic and implemented a general economic shutdown. The Bank of Mexico intervened by cutting rates and initiating extraordinary measures, such as adding bond swaps and loosening rules for minimum deposits at commercial banks to provide liquidity. It gave flexibility to commercial banks to grant forbearance on mortgage payments and other loans. López-Gallo was responsible for the development and oversight of strategies, research, and policy recommendations on financial stability. He was also the executive secretary of the Financial System Stability Council and a member of the Basel Committee on Banking Supervision.
Mercedes Cardona (Tue,) studied this question.