Ernesto Zedillo vs Helmut Kohl

Days after President Ernesto Zedillo took office, the Mexican peso collapsed, triggering a severe financial crisis. The government devalued the peso, and the U.S. led a $50 billion bailout. The crisis caused a deep recession and widespread hardship.

Zedillo's government created the FOBAPROA fund to rescue failing banks after the peso crisis. The bailout cost taxpayers an estimated $100 billion and was later criticized for corruption and for converting private bank debt into public debt.

Zedillo pushed through electoral reforms that created an independent Federal Electoral Institute (IFE) and allowed for fairer elections. These reforms ended 71 years of PRI dominance and led to the opposition victory in 2000.

Kohl became Chancellor of West Germany after a constructive vote of no confidence removed Helmut Schmidt. He led a coalition of CDU/CSU and FDP, beginning a 16-year tenure that would oversee German reunification.

Kohl negotiated the reunification of East and West Germany with international partners, including the Soviet Union. The Two Plus Four Treaty granted full sovereignty to a unified Germany, which formally occurred on October 3, 1990.

Kohl was a key architect of the Maastricht Treaty, which established the European Union and the single currency, the euro. The euro was introduced as a virtual currency in 1999, with physical notes and coins following in 2002.