Daily Israel Report

Fischer Gets an A from U.S. Finance Magazine

Global Finance gives Bank of Israel Governor Professor Stanley Fischer an A grade for the third year in a row.
By Elad Benari
First Publish: 8/30/2011, 5:14 AM

Stanley Fischer
Stanley Fischer
Flash 90

The English-language Global Finance magazine has given Bank of Israel Governor Professor Stanley Fischer an A grade, according to a report in the Israeli business newspaper Globes.

Fischer is one of six central bankers to get the highest grade in the magazine’s annual report card. This is the third year in a row that Fischer has received a perfect score as bank governor by Global Finance.

In addition to Fischer, Global Finance has also given an A to Reserve Bank of Australia Governor Glenn Stevens, Central Bank of Lebanon Governor Riad Salameh, Central Bank of Malaysia Governor Zeti Akhtar Aziz, Central Bank of the Philippines Governor Amando Tetangco, and Central Bank of the Republic of China (Taiwan) Governor Fai-Nan Perng.

The rankings are based on the governors’ scale of success in controlling inflation, meeting economic growth goals, and managing interest rates. Globes reported that Federal Reserve Board Chairman Ben Bernanke and Bank of Japan Governor Masaaki Shirakawa were each given a C.

Prime Minister Binyamin Netanyahu, who appointed Fischer as Bank of Israel Governor when he served as Finance Minister, called him on Monday to congratulate him on the A grade.

“I’ve already said in the past that over the years I have made many difficult decisions affecting our economy, but my easiest decision was to ask you to serve as Governor of the Bank of Israel,” Netanyahu told Fischer.

“We have a stable economy and we must preserve it,” Netanyahu added. “I think there is no better partner than you to meet the challenges posed to us by the situations in global markets. Your contribution is big and important.”

The 67-year-old Fischer, who has served as Bank of Israel Governor since 2005, was designated last year by the British magazine EuroMoney as the number-one national bank governor in the world.

In June, Fischer tried to run for the position of head of the International Monetary Fund following the resignation of Dominique Strauss-Kahn. He was disqualified, however, due to the fact that his age is two years beyond the ceiling set by the organization’s bylaws.