from the November 2010 issue

Israel's Stanley Fischer among top six

Leading financial magazine Global Finance named Bank of Israel Governor Stanley Fischer among the top six World's Best Central Bankers for the year 2010. Stanley Fischer

The "Central Banker Report Card" graded heads of central banks from 30 countries around the world on an "A" to "F" scale for success.

Among the criteria taken into account were inflation control, economic growth goals, currency stability and interest rate management, as well as subjective criteria, such as "determination to stand up to political interference," publisher of the Global Finance magazine was quoted as saying in the article.

Other figures mentioned in the list were Jean-Claude Trichet from the European Union, Glenn Stevens from Australia, Zeti Akhtar Aziz from Malaysia, Lee Seongtae from South Korea, Fai-Nan Perng from Taiwan, and Durmus Yilmaz from Turkey.

Fischer was praised after Israel weathered the global financial crisis far better than many other of the Western countries.

Fischer said Israel underwent nothing worse than an economic slowdown. He said the country got through the global crisis with relative ease partly because it was already in good shape when the crisis began, with a sound fiscal policy and a balanced budget. In addition, Israel's public debt was on the decline compared with GDP, and it had a relatively low level of household debt. Earlier this month, Fischer said at a World Jewish Congress board of governors meeting in Jerusalem that a peace deal with the Palestinians could hike up Israel's gross domestic product by between 5% and 6%.

Reprinted from the Israel High-Tech & Investment Report November 2010

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