Stanley Fischer Set To Resign Bank Of Israel Post
Stanley Fischer Set To Resign Bank Of Israel Post
Stanley Fischer, the head of the Bank of Israel who steered the country during the international financial crisis four years ago, revealed that he will step down from his current position by June.
Although he did not give any indications why he will resign, he had indicated earlier that he is not expecting to finish his second term of five years that started in 2010. Israel was able to maintain a stable and cautious monetary policy that resulted to low inflation and a notable economic growth under the leadership of Stanley Fischer.
But when Stanley Fischer retires, Israel will have to deal with a budget deficit amounting to $10 billion. The failure of the previous government to come to an agreement on cuts in spending and how revenue can be raised resulted to is dissolution.
If the budget deficit is not dealt with after the January 22 elections, the credibility of Israel in the international community and its credit rating will be affected, Fischer cautioned. The new government that will be formed soon after the elections will have to work on the 2013 budget.
The prime minister of Israel, Benjamin Netanyahu praised the contributions of Stanley Fischer to the country.
Netanyahu indicated that the wisdom, experience, and international connections of Stanley Fischer allowed the economy of Israel to achieve a lot of things and opened up its door to the world’s economies during the global financial crisis.
But opposition leaders indicated that the departure of Stanley Fischer hinted at a no-confidence. Shelly Yachimovich, the leader of the Labor Party, indicated that Stanley Fischer is supposedly showing that he is not prepared to take part of the economic disorder that will reign following the formation of the new government.
Posted by
James Fried
on Thursday January 31 2013, 5:07 AM EDT.
Ref: LA Times.
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