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 the Federal 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 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.
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