Stanley Fischer, former Bank of Israel governor, passes away at 81
Fischer was praised for his transformative impact on Israel's economy and global monetary policy, especially during the global financial crisis of 2008.
Stanley Fischer, former Governor of the Bank of Israel, passed away on Saturday at age 81. He held dual Israeli and American citizenship.
Fischer served as Governor of the Bank of Israel from 2005 to 2013, and also served as Vice Chair of theFederal Reserve from 2014 to 2017, under the Obama administration.
The Bank of Israel eulogized Fischer, writing, "Prof. Fischer made a decisive contributor to Israel's economy - both in his role as the IMF's representative to Israel in the 1980s, when he played a significant part in formulating the 1985 economic stabilization program, and during his tenure as Governor of the Bank, when he led a responsible economic policy during a challenging period that included the global financial crisis of 2008."
Current Governor Prof Amir Yaron stated, 'The people of the Bank of Israel, past and present, and I bow our heads today in memory of Prof. Fischer, whose contribution to the Bank of Israel and the advancement of Israel's economy was decisive. We share in the family's deep sorrow. May his memory be a blessing.'
Prof. Zvi Eckstein, head of the Aaron Institute for Economic Policy at Reichman University and former Deputy Governor of the Bank of Israel, commented on Fischer's passing, calling him a "visionary."
'Stanley Fischer was one of the greatest economists of our generation: a visionary, a guiding teacher, and an exemplary figure in public service. I had the privilege of working alongside him for about five years at the Bank of Israel."
"I saw firsthand his tremendous contribution to shaping Israel's economy and to the historic legislation that enshrined the independence of the Bank of Israel. Beyond that, he was a brilliant scholar whose understanding of the dynamics of monetary policy and its impact through long-term contracts transformed economic thinking worldwide. May his memory be blessed, and may his contribution remain engraved in our hearts and our professional thinking," Eckstein wrote.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
'Iran is my biggest concern,' says IAEA Nuclear Chief Grossi in new interview
Grossi claimed that Israel's threats against the Islamic Republic imply that "the Iranian thing has incredible potential to become catastrophic." International Atomic Energy Agency head Rafael Grossi said that Iran is his "biggest preoccupation" when discussing nuclear-powered countries in an interview with the Financial Times published on Friday. Grossi told the Times this as a new confidential IAEA report said that the Islamic Republic had dramatically increased its uranium stockpile enrichment "close to weapons grade." 'Iran doesn't have a nuclear weapon at this moment, but it has the material,' he told the Times. He also claimed that Israel's threats against the Islamic Republic imply that "the Iranian thing has incredible potential to become catastrophic. If there is a failure in negotiation, this will imply, most probably, military action.' Grossi then mentions the nuclear capabilities the Islamic Republic has, saying that one would have to go half a mile underground to find them. "I have been there many times,' he added. 'To get there, you take a spiral tunnel down, down, down." The Times further quoted him saying that "Today we could have 30 countries, which could have nuclear weapons, judging from their technical development, but we have nine,' and says that if Iran is added to that list, "you could have a cascade in the Middle East." He also said that US President Donald Trump's actions on Iran "have triggered negotiations where there were none before, and this is objectively commendable.' Grossi noted his concern for Ukraine's Zaporizhzhia and its occupation by Russian forces. He also told the Times that Russian President Vladimir Putin's repeated threats to use nuclear weapons "is worrying because it normalizes this."
Yahoo
32 minutes ago
- Yahoo
ECB's Schnabel sees no lasting decoupling from Fed
DUBROVNIK, Croatia (Reuters) -Ongoing trade tensions between the United States and the rest of the world are a shock to the entire global economy, meaning the Federal Reserve's and the European Central Bank's monetary policies are unlikely to diverge for long, ECB board member Isabel Schnabel said on Saturday. "I expect this trade conflict to play out as a global shock that's working through both lower demand and supply," she told a conference in Croatia. "We can discuss which of the two effects on inflation is larger because that determines the net effect. But in any case, I would not expect a sustained decoupling (between the ECB and the Fed)," she said. (Reporting By Francesco CanepaEditing by Tomasz Janowski) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
33 minutes ago
- Washington Post
Israel says it has retrieved the body of a Thai hostage kidnapped into Gaza on Oct. 7, 2023
TEL AVIV, Israel — Israel says it has retrieved the body of a Thai hostage kidnapped into Gaza on Oct. 7, 2023, as it continues its military offensive across the strip, killing at least 22 people overnight, according to health officials. The Prime Minister's office said Saturday that the body of Thai citizen Nattapong Pinta was returned to Israel in a special military operation. Pinta was kidnapped from Kibbutz Nir Oz and killed in captivity near the start of the war, said the government. This comes two days after the bodies of two Israeli-American hostages were retrieved. Fifty-five hostages remain in Gaza, of whom Israel says more than half are dead. The defense minister said Saturday that Pinta's body was retrieved from the Rafah area. He had come to Israel from Thailand to work in agriculture. The army said he was taken into Gaza by the Mujahideen Brigades, the small armed group that it said had also abducted and killed Shiri Bibas and her two small children . It's also the same group that took the two Israeli-American hostages, Judih Weinstein and Gad Haggai, whose bodies were retrieved by the army Thursday. Israel said it found Pinta's body based on information received from the hostage task force and military intelligence. A statement from the hostage forum, which supports the hostages, said it stands with Pinta's family and shares in their grief. It called on the country's decision makers to bring home the remaining hostages and give those who have died a proper burial. Thais were the largest group of foreigners held captive by Hamas militants. Many of the Thai agricultural workers lived in compounds on the outskirts of southern Israeli kibbutzim and towns, and Hamas militants overran those places first. A total of 46 Thais have been killed during the conflict, according to Thailand's Ministry of Foreign Affairs. Before Pinta's body was retrieved, three Thai hostages remained in captivity and two were confirmed dead. The fate of Pinta was uncertain until today, according to the hostage forum. The retrieval of Pinta's body comes as Israel continues its military campaign across Gaza. Hospital officials said they received the bodies of nearly two dozen people Saturday. Four strikes hit the Muwasi area in southern Gaza between Rafah and Khan Younis. In northern Gaza, one strike hit an apartment, killing seven people including a mother and five children. Their bodies were taken to Shifa hospital. Israel said Saturday that it's responding to Hamas' 'barbaric attacks' and is dismantling its capabilities. It said it follows international law and takes all feasible precautions to mitigate civilian harm. Hamas-led militants killed some 1,200 people, mostly civilians, in the Oct. 7 attack and abducted 251 hostages. They are still holding 55 hostages , around a third of them believed to be alive, after most of the rest were released in ceasefire agreements or other deals. Israeli forces have rescued eight living hostages from Gaza and recovered dozens of bodies. Israel's military campaign has killed more than 54,000 Palestinians, mostly women and children, according to the Gaza Health Ministry, which does not distinguish between civilians and combatants. The offensive has destroyed large parts of Gaza and displaced around 90% of its population of roughly 2 million Palestinians. —— This story has been corrected to note that the previous bodies were recovered on Thursday, not Friday. —— Jahjouh reported from Rafah, Gaza Strip. Associated Press reporter Bassem Mroue contributed from Beirut, Lebanon.
