Stanley Fischer To Become Next Federal Reserve Vice Chairman


Stanley Fischer, the former Bank of Israel governor and International Monetary Fund (IMF) official, is alleged to be the successor of Janet Yellen as vice chairman of the U.S. Federal Reserve.

STANLEY FISCHER

As a professor of economics at Massachusetts Institute of Technology (MIT), he taught Fed Chairman Ben S. Bernanke, whose term ends in January 2014, and European Central Bank chief Mario Draghi.

Washington Post columnist Neil Irwin, and author of The Alchemists: Three Central Bankers and a World on Fire, explains why Stanley Fischer is the most qualified candidate for the job.

“A crisis-management veteran. Fischer has faced trial by fire, most dramatically as the deputy managing director at the IMF from 1994 to 2001. He was on the front lines dealing with of a series of emerging market crises, including in Mexico, East Asia and Russia.

In other words, if there were to be a crisis in one or more of the emerging powers like China, India or Brazil, it would be the sort of thing that Fischer has spent his career preparing for. That is doubly important right now, as money has been gushing out of emerging economies in the past few months, driving their currencies down and their borrowing costs up.”

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