Stanley Fischer, Backbone of Israeli Economic Policy, to Step Down

Stanley Fischer, the man credited with steering Israel’s economy clear of the global economic turndown, has announced he will leave his post as the Bank of Israel’s governor after serving for eight years. He was recruited by Prime Minister Binyamin Netanyahu, who was at the time serving as finance minister under former Prime Minister Ariel Sharon. In 2010, Fischer was named by the international monetary publication Euromoney as best bank governor in the world. The kudos came after Fischer’s decision that Israel become the first nation to raise interest rates in 2009, a move that was followed by others in response to the crisis. During the economic downturn, Israeli officials boasted of far less negative impact than other nations were experiencing, with most of the credit being directed toward Fischer. His term was due to end in 2015.