The pride of Israel’s economy, Bank of Israel Head, Stanley Fischer, certainly would be a fantastic pick to head the International Monetary Fund…but we need him here, in Israel!!!

Stanley Fischer

Maybe the world will recognize Fischer’s value and allow him to work part-time, while maintaining his important role in Israel…

But, probably not…

Israel’s Fischer perfect IMF head, supporters say

Israeli central bank chief Stanley Fischer, who has announced his candidacy for the post of IMF director general, is credited with having steered an economic “miracle” in Israel despite the global downturn.

Reprinted from AFP

JERUSALEM — Israeli central bank chief Stanley Fischer, who has announced his candidacy for the post of IMF director general, is credited with having steered an economic “miracle” in Israel despite the global downturn.

Fischer announced on Saturday evening that he was seeking the top post at the International Monetary Fund, to replace Dominique Strauss-Kahn who has resigned after being accused of sexually assaulting a hotel maid in New York.

His candidacy, the subject of much speculation in Israel in recent weeks, shakes up the race for the key post, which is normally held by a European.

His main rivals for the moment are French Finance Minister Christine Lagarde, the presumed frontrunner, and Mexico’s central bank chief Agustin Carstens, who is angling to become the first non-European head of the fund.

Despite media speculation, Fischer had been coy over seeking the post, telling Israeli public radio this week: “One must never accept a position that no one has offered you.”

But his potential candidacy has won favour among many, with commentators in leading financial publications including the Financial Times, the Wall Street Journal and Euromoney magazine all expressing support.

Fischer has been credited for keeping Israel’s economy growing even as the global downturn ravaged other nations.

Reappointed in March for a second five-year term at the head of Israel’s central bank, Fischer can boast a 5.0% growth rate projected for the Jewish state this year and foreign reserves of $77.4 billion.

He has strongly championed bolstering foreign reserves to rein in the strength of the shekel and boost Israeli exports.

His tenure has made him both trusted and popular in Israel, with the economic newspaper, The Marker, running an article under the headline: “Please don’t go.”

Born in October 15, 1943 in Northern Rhodesia, now Zambia, Fischer studied in both Britain and the United States, where he graduated from the Massachusetts Institute of Technology, before taking US citizenship.

In January 2005, he became Israeli under the Law of Return, which allows Jews to obtain citizenship when they emigrate to the Jewish state.

Under Israeli law, its senior officials are not allowed to hold a second nationality, which would have required Fischer to renounce his US passport. But Israel offered to make an exception to bring him on at the central bank.

“Stanley Fischer was authorised to keep his US citizenship as a special privilege when he took on the job of central bank governor,” bank spokesman Yossi Saadon told AFP on Sunday.

But his US citizenship could be an obstacle to his candidacy at the IMF, where tradition dictates that the top post is reserved for a European, with an American at the helm of the World Bank.

At 67, his age is another handicap, as IMF rules usually cap applications for the top job at 65.

But Fischer does come with experience at the world’s top financial institutions.

Between 1988 and 1990, he was a vice president and chief economist at the World Bank, and between 1994 and 2001, he served as a deputy managing director at the IMF.

He has also spent time in the private sector, serving as vice chairman of Citigroup and president of Citigroup International between 2002 and 2005.

His time at the head of Israel’s central bank has won him supporters at home and overseas, with Euromoney magazine naming him their central bank governor of the year for 2010.

The magazine praised Fischer for his “bold move” to raise interest rates in September 2009, making Israel the first country to do so, saying his decision “proved well-guided and prescient.”

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Israel’s Newest Citizen–Stanley Fischer

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In spite of the economic meltdown taking place right now in Europe…In spite of the stock market collapse on Wall Street in the US yesterday…Israel’s little old economy keeps on tickin’…

Stanley Fischer..Israeli Economy is Strong

Conservative banking regulations and an innovative hi-tech sector…good old “Jewish Sachel”…an economically savvy leadership, headed by MIT economy-educated Benjamin Netanyahu, assisted by Bank of Israel’s Mega-financial brain, Stanley Fischer…A formula for a successful, growth economy that continues to prove itself year after year, even in the face of worldwide economic crises.

Yeah, Israel…

Fischer: EU crisis mildly impacts Israel

Bank of Israel Governor Stanley Fischer said Wednesday that Israel was likely to weather the European economic crisis, and be only lightly affected by it

Reprinted from Jpost.com

Fischer told the Knesset’s Finance Committee that although the dramatic drop in the value of the Euro and the slowdown in the European economy would impact exports to Europe, those may be offset by improved exports to the US. However, if the crisis engulfs the US, which he deemed unlikely, it would be cause for major concern, said the BoI governor.

“Suddenly” the Greeks discovered “the economic data they had been using was wrong. Their deficit stood at 13 percent rather than five. Their fiscal policy was extremely irresponsible, their debt-to-GDP-ratio was 130%,” Fischer said. “Their economy was in deep crisis and they could no longer finance their over-generous budget.”

Fischer also gave his economic forecast for the year 2011, saying the central bank expected a growth rate of 4%, and was updating the forecast for 2010 to 3.7%.

He favorably compared Israel’s unemployment rate to that of the US, which rose from 5% to 10%. Israel’s unemployment rate was just under 6% and are now near 8%.

Speaking before Fischer, Knesset Finance Committee chairman Moshe Gafni opened the session by attacking the detractors of government support for Yeshivot because they are economically unproductive. Gafni said he would go through the budget item by item and see what outlays were economically productive. “Over 60% of the budget is uneconomical,” he told the committee.

“Was the Kibbutzim debt arrangement economical? Are the dramatic subsidies to agriculture? What about the settlements? I will even say the investment in development towns isn’t economically worthwhile.”

“This is an ideological issue,” Gafni said. “Zionism and civics classes are ideological. I’m all-out opposed to the view that only what is economically productive should be included in the budget. It should be taken off the public agenda.”

Gafni also spoke about the low employment rate among the ultra-orthodox, saying, “I have said and will say again it is not the haredim who do not want to go to work, it is the state that does not want them to work, it lies when it says it wants them to work.”

It’s official…Great news for the Israeli economy…Five more years of Stanley Fischer heading the Bank of Israel

Fischer to serve 2nd term as Bank of Israel governor


‘There is no disagreement in the whole world that he does an excellent work,’ prime minister says in press conference announcing his support of central bank head. ‘Now he just has to say yes’

Reprinted from YNet News Zvi Lavi

Stanley Fischer will likely serve as the Bank of Israel’s governor for another five years. Prime Minister Benjamin Netanyahu announced Wednesday in a press conference at the Knesset that he will recommend that Finance Minister Yuval Steinitz appoint Fischer for another term as governor.

As expected, Fischer agreed to the offer after the new Bank of Israel law was passed Tuesday in the Knesset. Fischer is slated to receive the letter of appointment from President Shimon Peres soon.

Fischer’s current term as governor is slated to end on April 30. He will be instated to his second term on May 1.

“This is a man on whom there is no disagreement in the whole world that he does excellent work,” said the prime minister, noting that the Fischer’s recommendation for another term was mutually made between him and the finance minister. “Now all that’s left is for you to say yes,” Netanyahu addressed Fischer, who was sitting next to him on the stage.

“I thank you for the recommendation, and I will continue to fill my position in accordance with the challenges presented by the new Bank of Israel law,” responded Fischer.

“When Netanyahu offered me the position, I couldn’t have imagined what happened in the first run. But it was a challenging period, the height of which was the financial crisis, which we handled well and also came out of.”

Hints dropped recently by the governor to the effect that he would not agree to serve another five years without a new Bank of Israel law spurred the cabinet to submit the bill for the Knesset’s approval before leaving for Passover recess.

The new law, which replaces the 56-year-old Bank of Israel Act, cements the Bank’s independence and instates a regular monetary committee to decide on interest rates and makes provisions regarding Bank employees’ salaries, thus comparing them to other public sector employees.

There was some uncertainty in recent months whether Fischer would continue on for another term, and not just because of the Bank of Israel law. Fischer’s wife and family were pressuring him not to act another term, but the governor insisted that he would remain in the position of the Bank of Israel law were passed so that he could oversee putting the new structure of the bank into action, as detailed in the law.

In the past, Fischer implied that the decision to serve another term would be easier if it were shortened to a period of two years. However, doubts regarding the length of Fischer’s term were also dissipated when he accepted the appointment as he assured in his speech that he would serve the full five year term.

About two years ago, Fischer threatened to resign over the crisis between the Bank of Israel and the Finance Ministry around the signing of a new salary agreement. Prolonged and exhaustive negotiations ensued between the two bodies regarding whether the Finance Ministry would continue its oversight over Bank of Israel salaries. Then Prime Minister Ehud Olmert stepped in and convinced Fischer to withdraw his resignation threat.

‘Fischer among best in world’

Knesset Finance Committee Chairman MK Moshe Gafni praised Fischer’s decision to stay on for another term. Gafni said, “The governor is a professional of the first degree and a leader in the entire world.”

“Stanley Fischer is a real asset to the State of Israel. The Israeli economy owes him a lot for its stability throughout the global financial crisis over the past year. There is no doubt that his staying on for another term will contribute significantly to the Israeli economy and its standing in the world,” said Gafni.

Defense Minister Ehud Barak also welcomed Fischer’s acceptance of another term as bank governor.

“Stanley Fischer is considered one of the most outstanding and professional governors that the Israeli economy has known since the establishment of the state. Governor Fischer successfully handled the financial crisis in a manner that deserves respect. He was among those who helped the Israeli economy get through it strong and secure,” said Barak.

More good news that the Israeli economic recovery is right on track..getting stronger and stronger.
And, the best news of all, looks like immigrant-from-America Bank of Israel Head, Stanley Fischer, will be staying on for another term…One of the best things that can happen to the Israeli economy, promising an even stronger recovery…Good things for the future…

Fischer hopes for return to ‘normalcy’


“The Bank of Israel is trying to bring interest rates back to a ‘normal’ level, which would bring inflation back down into the target range, and to support the recovery of the economy and financial stability,” Bank of Israel Governor Stanley Fischer told a central bank conference in Tel Aviv yesterday.

Reprinted from Haaretz.com Eytan Avriel

“All the while we will follow what’s going on in the world and take into consideration the shekel exchange rates,” Fischer told the conference, entitled “Challenges for the Future.”

“The central bank of a small, open economy cannot be indifferent to the exchange rate,” he said. When things start going back to normal, the bank will probably intervene less in the foreign currency market.

“We can reduce in stages the frequency of our interventions in the foreign exchange market, but it’s dependent on other considerations such as the interest rate, as well as the international and Israeli economy,” he said.

Fischer also addressed the challenges facing him at the beginning of a second term as bank governor. The first challenge involves the internal management of the bank.

Fischer also mentioned that discussions on the new Bank of Israel Law had just finished in the Knesset Finance Committee; next week the bill is expected to pass its second and third readings in the full Knesset to become law. The bill has been one of Fischer’s conditions for accepting a second term. Soon the bank will face the challenge of implementing it – “building a modern Bank of Israel, which the Israeli economy needs for the 21st century,” Fischer said.

The second challenge is fiscal and monetary policy as the world recovers from the financial crisis, he said. “There are countries that are managing to recover better … and there are countries that are having more difficulties…. During the crisis, the European nations handled it better, but now they’re having trouble,” he said.

When Stanley Fischer immigrated to Israel from America in 2005, it was one of the best things that could have happened…both for the Jewish State AND for Stanley Fischer. Israel gained one of the top financial minds in the world to run the Bank of Israel and Fischer got to live in his homeland and raise his family in the best place in the world for Jews. We can only hope that he takes on another 5-year term as governor…

Money managers: Stanley Fischer

Will Stanley Fischer stay on for a second term as governor of the Bank of Israel? A cool 100% of the investment managers polled by the CFO Forum said they hoped so.

Haaretz.com

The question posed by the forum of money managers was, “Do you think that it would be good for the Israeli economy if Prof. Stanley Fischer accepts a second term as governor of the Bank of Israel?” All said yes.

The survey was conducted on February 21, and polled 120 top money managers in corporate Israel. Among the respondents, 42% belong to companies with annual turnovers greater than $200 million, 44% work for companies with turnovers ranging from $40 million to $200 million, and the rest work for companies with revenues below $40 million.

Fischer joined the Bank of Israel on May 1, 2005. Under the law, his tenure is limited to five years, meaning his contract expires on May 1, 2010. Government officials have been sending feelers to Fischer to see if he’d agree to stay: So far he hasn’t issued any statements. Meanwhile, ahead of that date, the CFOs Forum, representing 650 money managers in corporate Israel, decided to check and see how they feel about his performance.

In answer to the question, “Did Prof. Fischer’s policy contribute to the State of Israel’s ability to cope with the global economic crisis?”, zero checked the “Not at all” square; one, or 0.8% of respondents, answered that he contributed “a little” and 26% said that it “contributed.” The majority, 73%, answered that it “contributed greatly”.

Looking at the CFOs Forum surveys over the years, Fischer has been a resounding success throughout. From the start of his term in 2005 to date, their respect for the Bank of Israel has constantly increased, while respect for other economic policy-makers has sharply declined.