Israeli leaders mourned the death of a former leading figure in global economics and Bank of Israel Governor Stanley Fischer on Sunday morning
Fischer died at the age of 81 in the U.S. surrounded by family after a prolonged illness.
President Isaac Herzog called him “a great governor of the Bank of Israel,” adding, “He was a world-renowned professional, straightforward, with a heart of gold. He loved peace and pursued peace. A good friend who we will always remember.”
Born in 1943 in Northern Rhodesia (now Zambia), Fischer showed an early aptitude for science before a family friend steered him toward economics. He earned degrees from the London School of Economics and later completed a PhD at MIT in 1969. He became an American citizen in 1976 and obtained Israeli citizenship in 2005.
Fischer’s career spanned academia, international financial institutions, and central banks. He taught at MIT and served as chief economist at the World Bank and deputy managing director of the International Monetary Fund. As an IMF envoy to Israel in the 1980s, he helped craft Israel’s landmark 1985 economic stabilization plan.
In 2005, Prime Minister Ariel Sharon and Finance Minister Benjamin Netanyahu appointed him Governor of the Bank of Israel. Upon accepting the role, he immigrated to Israel. His eight-year tenure was marked by stability and resilience, particularly during the 2008 global financial crisis. The International Institute for Management Development ranked the Bank of Israel first among central banks in 2010. That same year, Euromoney named him “Governor of the Year,” and Global Finance gave him top ratings two years in a row.
Fischer retired from the Bank of Israel in 2013 and was later appointed vice chair of the U.S. Federal Reserve, serving from 2014 to 2017. In 2023, the Financial Times dubbed Fischer “the pocket-sized colossus of modern central banking” and “the most quietly influential person in global economics over the past several decades.”
“The people of the Bank of Israel for generations and I bow our heads today to the memory of Prof. Fischer, whose contribution to the Bank of Israel and to the advancement of the Israeli economy was decisive,” said Bank of Israel Governor Prof. Amir Yaron.
Fischer also briefly served on the board of Bank Hapoalim in 2020–2021 before stepping down to spend time with family. He was a fellow at the Council on Foreign Relations and authored influential economic texts studied worldwide.
His wife, Rhoda Fischer, passed away in 2020. He is survived by three children.
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