Mercedes Marcó del Pont
Encyclopedia
Mercedes Marcó del Pont (born August 28, 1959) is an Argentine economist and lawmaker appointed President of the Central Bank of Argentina on February 3, 2010.
of Buenos Aires
. The Marcó del Pont family first arrived in what today is Argentina in 1785 from Catalunya, and became prominent in commerce. She took an interest in politics in her teens, and became affiliated with the centrist Integration and Development Movement
(MID), a party whose platform focused on support for import substitution industrialization and foreign direct investment
. She enrolled at the University of Buenos Aires
, and earned a degree in Economics
in 1982. She joined CLACSO, the Latin American Social Sciences Council, in 1984, and was a teaching assistant
at her alma mater's School of Economics, and taught a specialized course in the discipline for members of the Sanitation Workers' Federation in 1985. She was accepted as a Master's Degree
candidate at Yale University
's Economic Growth Center, and earned her postgraduate in International and Development Economics in 1987.
Returning to Argentina, she was a senior researcher for the Development Research Foundation (FIDE), a think tank
founded by Octavio Frigerio (son of the late MID leader, Rogelio Frigerio
, and Marcó de Pont's cousin). She entered public service in 1989 as chief advisor on petrochemical industry policy for the Economy Ministry's Planning Secretariat, and following her departure, was named Director of FIDE in 1991. She served over the next decade as a consultant on statistics and investment incentive policies for the city of Buenos Aires, and for the provinces of Buenos Aires
and Misiones. She authored a number of papers on the local effects of globalization
, on the 1992 Brady Plan
for foreign debt
reduction, on the Convertibility Plan
for exchange rate stabilization, and on the labor market, among other topics.
Marcó del Pont married Jorge Cafferata, a prominent local psychiatrist, and had three children. Teaching at the National University of Lomas de Zamora
between 1999 and 2002, she joined developmentalist economist Aldo Ferrer
and other University of Buenos Aires academics in Plan Fénix, which advocated a more balanced globalization
. Marcó del Pont was briefly chief policy advisor for Production Minister José de Mendiguren (January to March 2002), and authored a book, Crisis y Reforma Económica, in 2004. She was elected to the Lower House of Congress
on the Front for Victory
(FPV) ticket in the 2005 mid-term elections
. She seconded Education Minister Daniel Filmus on the federal district's FPV party list for elections to the Senate
in 2007
; in an otherwise banner year, the FPV was defeated in that race, however.
A supporter of shaping monetary policy
to advance economic and employment growth, in March 2008 she was named President of state-owned Banco Nación
, the largest commercial bank
in Argentina. Following controversy surrounding President Cristina Kirchner's decision to earmark foreign exchange reserves to retire high-interest government bond
s, and Central Bank President Martín Redrado
's exit in January 2010, Marcó del Pont was named President of the Central Bank of Argentina on February 3.
Life and times
Mercedes Marcó del Pont was born and raised in the northsideBarrio Norte, Buenos Aires
Barrio Norte is the informal name given to a part of Buenos Aires centering around Santa Fe Avenue and the Recoleta district.Recoleta, Belgrano and Palermo, are within a region with a per capita immediately comparable with that of many European cities-Overview:An unofficial neighborhood, Barrio...
of Buenos Aires
Buenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
. The Marcó del Pont family first arrived in what today is Argentina in 1785 from Catalunya, and became prominent in commerce. She took an interest in politics in her teens, and became affiliated with the centrist Integration and Development Movement
Integration and Development Movement
The Integration and Development Movement or MID is a political party in Argentina.-Historical overview:Flying to Caracas, Venezuela in 1956, Argentine wholesaler and publisher Rogelio Frigerio secretly negotiated an agreement between his friend, the centrist UCR's 1951 vice-presidential nominee...
(MID), a party whose platform focused on support for import substitution industrialization and foreign direct investment
Foreign direct investment
Foreign direct investment or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor.. It is the sum of equity capital,other long-term capital, and short-term capital as shown in...
. She enrolled at the University of Buenos Aires
University of Buenos Aires
The University of Buenos Aires is the largest university in Argentina and the largest university by enrollment in Latin America. Founded on August 12, 1821 in the city of Buenos Aires, it consists of 13 faculties, 6 hospitals, 10 museums and is linked to 4 high schools: Colegio Nacional de Buenos...
, and earned a degree in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1982. She joined CLACSO, the Latin American Social Sciences Council, in 1984, and was a teaching assistant
Teaching assistant
A teaching assistant is an individual who assists a professor or teacher with instructional responsibilities. TAs include graduate teaching assistants , who are graduate students; undergraduate teaching assistants , who are undergraduate students; secondary school TAs, who are either high school...
at her alma mater's School of Economics, and taught a specialized course in the discipline for members of the Sanitation Workers' Federation in 1985. She was accepted as a Master's Degree
Master's degree
A master's is an academic degree granted to individuals who have undergone study demonstrating a mastery or high-order overview of a specific field of study or area of professional practice...
candidate at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
's Economic Growth Center, and earned her postgraduate in International and Development Economics in 1987.
Returning to Argentina, she was a senior researcher for the Development Research Foundation (FIDE), a think tank
Think tank
A think tank is an organization that conducts research and engages in advocacy in areas such as social policy, political strategy, economics, military, and technology issues. Most think tanks are non-profit organizations, which some countries such as the United States and Canada provide with tax...
founded by Octavio Frigerio (son of the late MID leader, Rogelio Frigerio
Rogelio Frigerio
Rogelio Frigerio was an Argentine economist, journalist and politician.-Background and early career:Rogelio Frigerio was born in Buenos Aires in 1914 to Gerónimo Frigerio and Carmen Guanzaroli...
, and Marcó de Pont's cousin). She entered public service in 1989 as chief advisor on petrochemical industry policy for the Economy Ministry's Planning Secretariat, and following her departure, was named Director of FIDE in 1991. She served over the next decade as a consultant on statistics and investment incentive policies for the city of Buenos Aires, and for the provinces of Buenos Aires
Buenos Aires Province
The Province of Buenos Aires is the largest and most populous province of Argentina. It takes the name from the city of Buenos Aires, which used to be the provincial capital until it was federalized in 1880...
and Misiones. She authored a number of papers on the local effects of globalization
Globalization
Globalization refers to the increasingly global relationships of culture, people and economic activity. Most often, it refers to economics: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import...
, on the 1992 Brady Plan
Brady Bonds
Brady bonds are dollar-denominated bonds, issued mostly by Latin American countries in the 1980s, named after U.S. Treasury Secretary Nicholas Brady.-History:...
for foreign debt
Latin American debt crisis
The Latin American debt crisis was a financial crisis that occurred in the early 1980s , often known as the "lost decade", when Latin American countries reached a point where their foreign debt exceeded their earning power and they were not able to repay it.-Origins:In the 1960s and 1970s many...
reduction, on the Convertibility Plan
Argentine Currency Board
The Argentine Currency Board pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. While it initially met with considerable success, the board's actions ultimately failed. In contrast of what most people think,...
for exchange rate stabilization, and on the labor market, among other topics.
Marcó del Pont married Jorge Cafferata, a prominent local psychiatrist, and had three children. Teaching at the National University of Lomas de Zamora
National University of Lomas de Zamora
The National University of Lomas de Zamora is an Argentine state national university located in Lomas de Zamora, Buenos Aires Province. Maintaining extensive research facilities, and with over 30,000 students, UNLZ is one of the most important universities of the Greater Buenos Aires area.The...
between 1999 and 2002, she joined developmentalist economist Aldo Ferrer
Aldo Ferrer
Aldo Ferrer is a prominent Argentine economist and policy maker.-Early career:Aldo Ferrer was born in Buenos Aires in 1927, and enrolled at the University of Buenos Aires School of Economics, where he received a Doctorate in 1949...
and other University of Buenos Aires academics in Plan Fénix, which advocated a more balanced globalization
Globalization
Globalization refers to the increasingly global relationships of culture, people and economic activity. Most often, it refers to economics: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import...
. Marcó del Pont was briefly chief policy advisor for Production Minister José de Mendiguren (January to March 2002), and authored a book, Crisis y Reforma Económica, in 2004. She was elected to the Lower House of Congress
Argentine Chamber of Deputies
The Chamber of Deputies is the lower house of the Argentine National Congress. This Chamber holds exclusive rights to create taxes, to draft troops, and to accuse the President, the ministers and the members of the Supreme Court before the Senate....
on the Front for Victory
Front for Victory
The Front for Victory is a Peronist political party and electoral alliance in Argentina, although it is formally a faction of the Justicialist Party. Both the former President Néstor Kirchner and the current President Cristina Fernández de Kirchner belong to this party, located on the left-wing...
(FPV) ticket in the 2005 mid-term elections
Argentine legislative election, 2005
Argentina held national parliamentary elections on Sunday, 23 October 2005. For the purpose of these elections, each of the 23 provinces and the Autonomous City of Buenos Aires are considered electoral districts....
. She seconded Education Minister Daniel Filmus on the federal district's FPV party list for elections to the Senate
Argentine Senate
The Argentine Senate is the upper house of the Argentine National Congress. It has 72 senators: three for each province and three for the Autonomous City of Buenos Aires...
in 2007
Argentine general election, 2007
Argentina held national presidential and legislative elections on October 28, 2007, and elections for provincial governors took place on staggered dates throughout the year. For the national elections, each of the 23 provinces and the Autonomous City of Buenos Aires are considered electoral districts...
; in an otherwise banner year, the FPV was defeated in that race, however.
A supporter of shaping monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
to advance economic and employment growth, in March 2008 she was named President of state-owned Banco Nación
Banco de la Nación Argentina
Banco de la Nación Argentina is a state-owned bank in Argentina, and the largest in the country's banking sector.-Overview:The bank was founded on October 18, 1891, by President Carlos Pellegrini by way of stabilizing the nation's finances following the Panic of 1890; its first director was...
, the largest commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Argentina. Following controversy surrounding President Cristina Kirchner's decision to earmark foreign exchange reserves to retire high-interest government bond
Government bond
A government bond is a bond issued by a national government denominated in the country's own currency. Bonds are debt investments whereby an investor loans a certain amount of money, for a certain amount of time, with a certain interest rate, to a company or country...
s, and Central Bank President Martín Redrado
Martín Redrado
Hernán Martín Pérez Redrado is an Argentine economist and policy-maker. He served as President of the Central Bank of Argentina between September 2004 and January 2010.-Early life and career:...
's exit in January 2010, Marcó del Pont was named President of the Central Bank of Argentina on February 3.