Stanley Fischer: Israel able to solve its economic issues

Bank of Israel Governor optimistic about economic future, says Israel cannot control world geo-political situation, only its response.

September 18, 2011 14:20
1 minute read.
Bank of Israel Governor Stanley Fischer

stanley fischer 311. (photo credit: Courtesy)

Bank of Israel Governor Stanley Fischer expressed optimism about Israel's economic situation, in an interview with Israel Radio on Sunday.

Israel can't control the geo-political situation in the world, including the Palestinian campaign for an independent state, he said, but it does have the economic tools and ability to deal its effects on Israel's economy.

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Addressing the social protests that have rocked the nation for the past two months and demanded government intervention to decrease the growing cost of living, Fischer said that "we need to wait for the Trajtenberg Committee's proposals."

While acknowledging the committee's inability to expand the budget, Fischer insisted that they still have "degrees of freedom" in order to enact reforms.

When asked if he was in favor of increasing taxes on the wealthy, the governor said that while he understands "why people would want to do it politically, it will have repercussions and I want to check what I would do."

Israel can't go after every tycoon, he explained. "They acted within the legal system and if we want to deal with them we have to change our laws."

Referring to housing prices, Fischer said that while prices have not started decreasing yet, "we are entering a period of stability."

"We've dealt [we these problems] before, and we can do it again."

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