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Published: 05/01/05, 2:51 PM / Last Update: 05/01/05, 3:24 PM
Stanley Fischer Makes Aliyah, Starts Job as Bank of Israel Gov
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and .(IsraelNN.com) Proudly waving his new Israeli identity card for reporters at a photo opp Sunday morning, Stanley Fischer has assumed his new position as governor of the Bank of Israel, following a ceremony at the President’s residence this afternoon.
Fischer, former deputy chairman of the Citigroup banking and insurance corporation, and one of the world’s leading economists, officially made aliyah this morning when Interior Minister, Ofer Paz, handed him his new identity card that bestows Israeli citizenship.
Despite the sensitivity of serving in one of the nation’s top civil service positions, Fischer will not be required to relinquish his American citizenship as a prerequisite for taking the job.
Fischer was selected for the top economic post by Finance Minister Binyamin Netanyahu and Prime Minister Ariel Sharon four months ago to succeed former governor David Klein who ended his term in January. Fischer will be taking over the bank from acting governor, Meir Sokoler.
Sharon, Netanyahu, President Moshe Katzav, ministers and senior business leaders attended today’s ceremony.
Fischer, one of the architects of the economic stabilization plan in 1985, is no newcomer to the Israeli economy. That plan is credited with ushering in a period of relative economic stability, ending an era of hyperinflation that reached 400% per year. Fischer also studied economics at the Hebrew University in the 1960’s.
Fischer has the privilege of assuming his post at a time when most of the nation’s economic statistics are showing strong signs of optimism. Gross domestic product grew at a robust 4.3% in 2004, with inflation climbing by a miniscule 0.7% annual rate as of this March. Unemployment is also showing signs of improvement, falling to 9.8% in February.
The Tel Aviv Stock Exchange (TASE) has reached an all time high, and interest rates have hit an all time low, standing at just 3.5%, only 75 basis points above U.S. rates of 2.75%.
According to Haaretz, one of Fischer’s main tasks will be to work for Israel’s acceptance to the Organization for Economic Cooperation and Development (OECD), an economic club that comprises 30 of the world’s most developed economies.
In terms of economic policy, Fischer is known as a monetarist whose policies appear to be closely related to those of the finance minister.
Fischer, former deputy chairman of the Citigroup banking and insurance corporation, and one of the world’s leading economists, officially made aliyah this morning when Interior Minister, Ofer Paz, handed him his new identity card that bestows Israeli citizenship.
Despite the sensitivity of serving in one of the nation’s top civil service positions, Fischer will not be required to relinquish his American citizenship as a prerequisite for taking the job.
Fischer was selected for the top economic post by Finance Minister Binyamin Netanyahu and Prime Minister Ariel Sharon four months ago to succeed former governor David Klein who ended his term in January. Fischer will be taking over the bank from acting governor, Meir Sokoler.
Sharon, Netanyahu, President Moshe Katzav, ministers and senior business leaders attended today’s ceremony.
Fischer, one of the architects of the economic stabilization plan in 1985, is no newcomer to the Israeli economy. That plan is credited with ushering in a period of relative economic stability, ending an era of hyperinflation that reached 400% per year. Fischer also studied economics at the Hebrew University in the 1960’s.
Fischer has the privilege of assuming his post at a time when most of the nation’s economic statistics are showing strong signs of optimism. Gross domestic product grew at a robust 4.3% in 2004, with inflation climbing by a miniscule 0.7% annual rate as of this March. Unemployment is also showing signs of improvement, falling to 9.8% in February.
The Tel Aviv Stock Exchange (TASE) has reached an all time high, and interest rates have hit an all time low, standing at just 3.5%, only 75 basis points above U.S. rates of 2.75%.
According to Haaretz, one of Fischer’s main tasks will be to work for Israel’s acceptance to the Organization for Economic Cooperation and Development (OECD), an economic club that comprises 30 of the world’s most developed economies.
In terms of economic policy, Fischer is known as a monetarist whose policies appear to be closely related to those of the finance minister.
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