ISRAEL 
HIGH-TECH & INVESTMENT REPORT

from the February 2005 issue


Prof. Stanley Fischer Accepts Appointment as Bank of Israel Governor


Prime Minister Ariel Sharon and Finance Minister Benjamin Netanyahu have recommended the appointment of Stanley Fischer for the post of Governor of the Bank of Israel.

Stanley Fischer as a young man worked on a kibbutz (agricultural settlement) where he learned to speak Hebrew. He has had many years of contact with the State of Israel and the Israeli economy, including service as US administration representative vis-a-vis the Israeli economy's mid-1980's stabilization plan. He has also taught at the Hebrew University in Jerusalem. Prime Minister Sharon said that, "Fischer is an economist with a global reputation and the State of Israel will be blessed through his talents, principally in the era of globalization in the economic markets".

The fact that a person of his caliber is willing to cut his ties with Citibank, to immigrate to Israel and serve as Governor of the Bank of Israel, is a wonderful opportunity for the Israeli economy."

Fischer, 61, is the Vice Chairman of Citigroup, the largest financial corporation in the world, and is considered to be one of the most senior economists in the world. He has previously served as First Deputy Managing Director of the International Monetary Fund.

Before he joined the IMF, Prof. Fischer was the Killian Professor and Head of the Department of Economics at MIT (Massachusetts Institute of Technology). From January 1988 to August 1990 he was Vice President, Development Economics and Chief Economist at the World Bank.

He has held visiting positions at the Hebrew University, Jerusalem, and at the Hoover Institution at Stanford. He is credited with helping to create a policy that reduced Israel's hyperinflation of the 1980s.


Reprinted from the Israel High-Tech & Investment Report February 2005

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