Governor of the Bank of Israel Prof. Stanley Fischer was notified last night by the Board of Directors of the International Monetary Fund (IMF) that they had disqualified his candidacy for the position of IMF managing director, because of his age. A statement put out this morning by the Bank of Israel said that they had told Fischer that according to IMF regulations, the managing director has to be younger than 65 at the time he takes office. Fischer is 67.
The IMF board of directors told Fischer that they had discussed the issue and decided not to revise their regulations.
Fischer said, “I think that the age restriction, which was set in the past at 65, is not relevant today. I was hoping that the IMF board of directors would change its regulations, not only for the sake of my candidacy, but also for the sake of future candidates for the position of managing director”.
He added, "“I have no regrets for having submitted my candidacy. I do regret the fact that I was not given the opportunity to demonstrate my capabilities and my experience to the IMF Board of Directors."
The Bank of Israel statement added, "Last Friday, when Prof. Fischer decided to run for office, he pointed out that the challenges for the global economy in this period after the global recession and the consequent challenges facing the IMF, make him a natural candidate for the post of managing director."
The statement continued, "Among the reasons are the experience he acquired as the Governor of the Bank of Israel during one of the most challenging periods in the history of the Israeli economy, as well as his experience at the second most important position at the IMF for seven years, during which he acquired a wealth of practical experience and a deep understanding of the global economy, including in dealing with economic crises. The Governor of the Bank of Israel believes that the age issue is technical, and should have been waived so that the board of IMF could consider who is the candidate most capable of leading the IMF at this time."
Fischer said, “I will proudly and happily continue in my role as Governor of the Bank of Israel, to deal with the challenges facing the Bank of Israel and the Israeli economy. I would like to thank the Prime Minister and the Minister of Finance for their unconditional support when I decided to submit my candidacy, and for their expressed hope that I will continue to serve as the Governor of the Bank of Israel - as I shall happily do.” Fischer's forced withdrawal leaves two candidates in the field to replace former managing director Dominique Strauss-Kahn, the strong favorite French Minister of Finance Christine Lagarde and Governor of the Bank of Mexico Agustin Carstens.
Published by Globes, Israel business news - www.globes-online.com - on June 14, 2011
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