This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Israel Central Bank Chief To Step Down In June

At the IMF, he worked on resolving financial crises in Mexico, Russia, and Southeast Asia during the 1990s. He was a vice chairman at Citigroup when he was hired as central bank chief.

Fischer was initially seen as an outsider when he first arrived, wearing tailored suits in an open-collar Mediterranean country and speaking heavily accented Hebrew. He quickly won plaudits for his calm demeanor and success in managing the economy through turbulent times.

In Israel, Fischer has been credited with moving early to cut interest rates and intervening in the currency market to protect the local export sector.

With the economy improving in 2009, Israel began raising interest rates, making it the first nation to take such a step toward post-recession stabilization. He was also instrumental in promoting Israel's successful bid for acceptance into the Organization for Economic Cooperation and Development, a grouping of 30 of the world's richest nations.

In mid-2011, Fischer applied for the top job at the IMF, after its director, Dominique Strauss-Kahn, was forced to resign. At the time, he called it a "once-in-a-lifetime" opportunity. He was disqualified because, 67 years old at the time, he was two years above the maximum age for an incoming managing director.

Sever Plocker, an Israeli economic commentator, said Fischer was "the responsible adult" of the Israeli economy throughout his eight-year tenure and revamped the entire approach to economic thinking in Israel.

Fischer pushed for a bill outlining a new governing structure for the central bank that promotes transparency and stability. He maintained large sums of foreign currency reserves, now standing at some $75 billion, and wielded significant influence over fiscal policy that has led to Israel's high growth rate and low unemployment.

"Because of his status, everyone was afraid of him and his criticism, and he is responsible for Israel's government carrying out a largely responsible policy these past eight years," said Plocker, the economic editor at the Yediot Ahronot daily.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs