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Fischer: Economy is strong, we mustn't give in to populism

By NADAV SHEMER

NOVEMBER 15, 2011 13:50

Bank of Israel Governor Stanley Fischer warned Tuesday against making dramatic changes to economic policy, saying the Israeli economy is in good shape despite the worsening situation in Europe.

“The Israeli economy is in a relatively good position. The situation in Europe is worse,” Fischer said a press conference at Bank of Israel headquarters in Jerusalem. “We can overcome this period with success if we manage this economy in a responsible and orderly manner.”

“We must not surrender to populism… When an economist speaks of populism, he speaks of economic steps that have broad short-term support from the public but which cause long-term damage. We must not surrender to populism, because it kills economies.”

Fischer said acting responsibly meant protecting the budget framework and resisting the temptation of raising taxation rates in order to cover for the expected increase in the budget deficit.

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