From Citigroup to Bank of Israel

    January 10, 2005

Israel’s Prime Minister, Ariel Sharon and Finance minister, Benjamin Netanyahu have chosen Stanley Fischer of Citigroup to be the governor of the Bank of Israel.

In a statement, the Israel’s Prime Minister’s office said, “The prime minister and finance minister proposed to him several weeks ago to move to Israel, receive Israeli citizenship and be appointed Bank of Israel governor…This morning, Fischer notified us that he agreed.”

The statement went on to say, “The fact that a man like him is ready to finish his affairs at Citigroup, immigrate to Israel and become the central bank governor here is a golden opportunity for the Israeli economy…Fischer is a well known and well connected economist throughout the world and the state of Israel can be blessed by his talents, especially in the era of globalisation in economic markets.”

A Globes Online article says,

“Some top bankers know Fischer from his frequent visits to Israel and from his work as Citigroup vice chairman during the past three years. Few know him, but all admire him.

Fischer is known as a major supporter of free markets, minimal regulation, and open architecture, things that in part directly contradict the Bachar recommendations. It is enough to read reports by International Monetary Fund (IMF), which opposes the Bachar recommendations, to grasp that Fischer’s Weltanschauung does not conform to that of the Bachar report. Fischer served as First Deputy Managing Director of the International Monetary Fund between 1994 and 2001. “

It is possible that Fischer will have to part with his U.S. citizenship to go through with his new position.

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