Business

Stanley Fisher at the Herzliya Conference
by Zuzana Zelenakova

Stanley Fischer is a well-known economist and currently also Governor of the Bank of Israel. Acquiring his Ph.D. in economics at Massachusetts Institute of Technology (MIT), he returned there in 1977 as a professor and remained till 1988. He was a Ph.D. thesis advisor of former Federal Reserve Governor Ben Bernanke at the time. He also worked as a Vice President of the World Bank and from 1994 to 2001 he was with the International Monetary Fund (IMF). Finally, in 2005 he replaced David Klein as Governor of the Bank of Israel, which is a rather special kind of financial institution. The Governor alone has the power to decide whether change rates or not, voting of board memb! ers is not needed. He became an Israeli citizen as a condition for acquiring the post. He was one of the speakers at the annual Herzliya Conference in Tel-Aviv District, which is an event dedicated to discussions about the Israel´s national policy attended by political leaders and prominent business figures. During his speech Stanley Fischer said that Israel got through the economic crisis relatively easily mainly due to complex and flexible banking system. As he was aware of the upcoming crisis as early as 2007, the Bank of Israel decided to regulate exchange rates and thus secure the local economy. He had only words of highest respect for Israeli business circles. He also predicted that given the current development the current 5 percent growth could jump to 6 or even seven percent. Entering the OECD, which is to take place in several months, will only contribute to the positive trend. In Fisher´s eyes, the main obstacle is the bureaucracy. "However", he said, ! "The time it takes to build a shed Israel came 124th out of 15! 0!" When it comes to the world economy, Fischer expects the countries to face some tough choices. "There will have to be tax increases in several countries, and there will have to be bigger reductions in spending than the public is thinking about,” he says.

related story (sgx16490): http://www.france24.com/en/20100205-business-interview-herzl...

by Zuzana Zelenakova for SigEx Ventures (http://sigexventures.com)

SigEx Ventures's matrix of properties are quickly becoming leaders in digital telebroadcasting, free content delivery allowing people to easily talk, view, upload and share through f! ree online TV broadcasting, free unlimited global calls, video blogs and SMS. SigEx Ventures invests in projects deploying "free" to add-on royalty revenue models

posted by Blog TechSource @ 12:23 PM