The market, a key piece in the next steps of the Mexican Congress under Sheinbaum

The ruling party of Mexico will take the market into account in its discussion of constitutional reforms, Senate Majority Leader Ricardo Monreal said in an interview.

Next steps will be determined after President-elect Claudia Sheinbaum meets with outgoing President Andrés Manuel López Obrador on Monday afternoon, he said. Montreal. Sheinbaum will play a key role in determining the timeline and priorities for discussion in the legislature even before he takes office in October.

A bigger-than-expected victory for the ruling coalition in Congress led the peso to weaken to 18.66 pesos per dollar on Monday amid concerns that the Administration would seek to advance key constitutional changes at a faster pace and without making modifications requested by the opposition parties.

“The market is an actor that does play and is present in our decisions“, he claimed. “Therefore, although the country needs changes and to continue with the transformation process, it must be clearly expressed that neither an authoritarian regression nor an undue accumulation of power is intended.”.

The Mexican peso strengthened 1% to a session high after comments from Montreal. The new Congress will begin its legislative period on September 1.

Other key points from the interview:

• The most controversial reforms are expected to be the judicial reform, the electoral reform, the regional regulators bill and the energy reform
• Although Sheinbaum has not yet said which ones he will prioritize, in his campaign he supported the reforms of Lopez Obrador
• Sheinbaum will give “a suitable rhythm” to the talks, there are still no dates set for when the bills could be discussed and approved
• Sheinbaum is “very sensible” and has instructed lawmakers to be cautious
• Legislators from the ruling party will act in coordination with the party in general and Sheinbaum
• It suits Mexico “economic stability” and responsible governance
• “The country needs a transition process that is not abrupt, but smooth as velvet”