"Stanley Fischer was one of the greatest economists of our generation"
Tributes pour in for the former Bank of Israel Governor and Fed Vice Chair after he passed away at the age of 81.
“Stanley Fischer was one of the greatest economists of our generation — a visionary, a mentor, and a role model for public service,” said Prof. Zvi Eckstein, head of the Aharon Institute for Economic Policy at Reichman University and former Deputy Governor of the Bank of Israel, following Fischer’s death at the age of 81.
“I was privileged to work alongside him for about five years at the Bank of Israel, and I saw firsthand his tremendous contribution to shaping the Israeli economy and anchoring the Bank of Israel’s independence through historic legislation,” added Eckstein.
“Beyond that, he was a brilliant researcher whose deep understanding of the dynamics of monetary policy and long-term contracts reshaped economic thinking worldwide. May his memory be blessed. His contributions will remain engraved in our hearts and our professional thinking.”
Ronen Menachem, Chief Markets Economist at Mizrahi Tefahot Bank, also paid tribute to Fischer, writing:
“It was no coincidence that Professor Fischer was often cited as a mentor to many, perhaps most notably Ben Bernanke - later Chair of the U.S. Federal Reserve and a Nobel Prize winner in economics.
Whenever the three major credit rating agencies - Moody’s, Fitch, and Standard & Poor’s - reaffirmed Israel’s high credit rating, they consistently praised the responsible and credible monetary policy of the Bank of Israel under Professor Fischer’s leadership. He was seen as the ‘adult in the room,’ someone who knew how to guide the economy in both ordinary and turbulent times.
We first met Professor Fischer as one of the architects of Israel’s 1985 Economic Stabilization Program. Over time, he became one of our own. He was also an extraordinary public communicator - a huge asset in explaining complex economic ideas. I feel acutely how much we need a person of his stature today.”
Opposition Leader MK Yair Lapid said:
“When I took office as Minister of Finance in 2013, Stanley Fischer was the Governor of the Bank of Israel. We worked together during a short but intense period as we pulled the economy out of crisis. We kept in touch and consulted even after he stepped down. He was smart, razor-sharp, generous, and precise. He took economics seriously, but never forgot that behind the numbers were people and dreams. He was also the only man I knew who wore a tie with giraffes on it. I send my heartfelt condolences to his family.”
President Isaac Herzog stated:
“Fischer made a tremendous contribution to Israel’s economy - to its resilience, its global reputation, and its strength. He was a world-renowned professional: honest, wise, and warm-hearted. A lover and pursuer of peace. A true friend whom we will always remember. May his memory be blessed.”
Prime Minister Benjamin Netanyahu said:
“I was deeply saddened by the passing of Professor Stanley Fischer, former Governor of the Bank of Israel. Stanley was a great Zionist who made an extraordinary decision - a man of global stature who left everything behind, immigrated to Israel, and accepted the role of Governor when I offered it to him.
“He was also a brilliant economist. In his time as Governor, he made vital contributions to the Israeli economy, especially in restoring stability during the global financial crisis. Over the years, Stanley proudly represented Israel in a range of senior roles within the American and global financial systems, always promoting Israel’s good name. May his memory be blessed.”
