Bank of Israel's Stanley Fischer running for head of IMF

Position is "an extraordinary and unplanned opportunity," Fischer says; IMF would need to change age rules for Fischer, 67, to take post.

By REUTERS, JPOST.COM STAFF
June 11, 2011 21:48
1 minute read.
Bank of Israel Governor Stanley Fischer

Stanley Fischer speech at BGU 311. (photo credit: Dani Machlis/BGU)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

Bank of Israel Governor Stanley Fischer said on Saturday he had decided to stand as head of the International Monetary Fund, presenting a potential serious challenge to front-runner Christine Lagarde.

"There arose an extraordinary and unplanned opportunity, perhaps one that will never happen again, to compete for the head of the IMF, which after much deliberation I decided I wish to follow through on this, even though it is a complicated process and despite the possible barriers," Fischer said in a statement.

RELATED:
Fischer coy on bid for IMF top job
Stanley Fischer biding his time on IMF bid

Be the first to know - Join our Facebook page.


Fischer, 67, would be a serious contender to the current favorite for the post, French Finance Minister Christine Lagarde.

But the IMF would have to change its rules that no one should be appointed to the post who is 65 or older and that no one should hold the post beyond the age of 70.

Channel 2 TV had earlier reported that Fischer's name was in the final list of candidates for the job vacated by Frenchman Dominique Strauss-Kahn, who resigned after his arrest on May 14 on charges of attempting to rape a New York hotel maid.

A Reuters poll of economists from all over the world, published in May found 32 of 56 saw Lagarde, who is backed by the European Union, as the favorite, although Fischer won the most votes as "best suited" for the job.

Fischer is a former deputy managing director of the IMF. He has been widely credited with helping Israel's economy weather the global financial crisis by starting to lower Israeli interest rates sharply in 2008.

He has since raised rates 10 times to contain inflation and prevent an overheating economy set to grow another 5 percent in 2011.

Finance Minister Yuval Steinitz welcomed the news. "On the one hand, we would love to see Stanley Fisher continue in the important role of Bank of Israel governor, but on the other hand, there is no doubt that the prestigious candidacy is a tribute to the State of Israel and its economy." Steinitz said.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Anti-government protesters demonstrate on a street in central Ankara
June 16, 2013
Thousands take to streets of Istanbul, defy Erdogan

By REUTERS