Regulatory tales from Switzerland and the EU
Sitting to the right of Mexican Commerce Secretary Herminio Blanco Mendoza at the World Economic Forum in Davos in 1995 was like being present at a wake where thoughts of the deceased shadowed all conversation.
The tequila crisis, based around the sudden devaluation of the Mexican peso in December 1994, meant that the usually overrun Mexican evening party consisted of only one table, with a lowly journalist in the seat of honour next to the host. Mexico was going nowhere in the eyes of an international community which shuns failure.
In this subdued atmosphere, Herminio kow-towed to the unknown Indian on my right, who owned the country´s third biggest steel producer. The firm was reportedly the largest foreign currency earner in Mexico.