Stanley Fischer steps down

Stanley Fischer stepped down as Governor as Bank of Israel on Saturday 29th June , 2013 after 8 years of helming the central bank. His CV reads something like this, PhD in Economics from MIT Cambridge, Professor at MIT ( started as associate and later as Endowed professor), VC at Citi,Chief econ at the World Bank, stint at IMF.

Incidentally, a certain Mr Ben Bernanke and Mr Mario Draghi were his students at MIT. His other famous students include Mr Larry Summers (ex Treasury Secy)

He was the first to cut rates back in 2008 when the world stared a global financial crises and started raising rates a year later and is widely credited with steering the Israeli economy during the crises. He bought huge Forex to weaken the currency to promote exports.

Ex-Bank of England governor Mervyn King praises his ‘skillful handling of the Israeli economy’ whereas Draghi said that he would continue to continue to count on advice, wisdom and friendship.

Fischer praised both his famous former students in his farewell speech saying ‘Both of them have done remarkably well.’

Remarkable personality.India badly needs such a personality in a scenario where our real GDP growth rate has halved and inflation rate has doubled.


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