Bank of Israel governor bids for top post on IMF
11. June 2011
Bank of Israel governor, Stanley Fischer filed a candidacy to preside over the International Monetary Fund (IMF) following at the tail of Dominique Strauss-Kahn resignation.
Fischer expressed his interest for the post by saying, “An extraordinary, unexpected and once-in-a-lifetime opportunity has arisen, to run for the head of the International Monetary Fund, which I decided I wanted to do after many considerations.”
Fisher has already informed Israel’s Prime Minister Benjamin Netanyahu and Finance Minister Yuval Steinitz about his decision.
Among others who filed candidacy for top job at IMF are French Finance Minister Christine Lagarde and Bank of Mexico governor Agustin Carstens.
IMF is traditionally headed by a European while its sister institution, World Bank is headed by an American.
The age limit for any candidate to be the head of the organization is 65. Being 67, Fischer is at odds even if he has an extensive exposure to IMF serving as deputy IMF chief from 1994 to 2001.
Israel’s Finance Minister Yuval Steinitz is supportive of his colleague’s decision saying that “the position fits Fischer like a glove”.
The opportunity to head IMF opened when Dominique Strauss-Khan decided quit upon the wake of a scandal involving him with allegations that he raped a hotel maid in New York City.
Meanwhile, Fischer has garnered significant support from some of the world’s leading financial newspapers such as Wall Street Journal and Financial Times. Reuters and Euromoney magazine also found some heads up for the Bank of Israel governor on surveys they conducted.
If credentials would be the basis, Fischer is on the right track being widely recognized as the man behind Israel’s escape on the global economic crisis. Israel’s real estate sector is currently blooming and the country’s unemployment rate is very low at 6 percent.
Credits to http://media.cnbc.com for the photo