Stanley Fischer candidate to replace Strauss-Kahn

Fischer served as the number 2 at the IMF from 1994-2001, and was also the number 2 at the World Bank from 1988-1990.

Governor of the Bank of Israel Prof. Stanley Fischer is one of the candidates to replace Dominique Strauss-Kahn as head of the IMF. Strauss-Kahn has been arrested on charges of sexual assault and will probably resign.

The Bank of Israel said in response, "No comment."

Fischer served as the number 2 at the IMF in 1994-2001, and was also the number 2 at the World Bank in 1988-1990. On May 2, 2010, the 67 year-old Fischer was appointed for a second five-year term as Governor of the Bank of Israel, but all sources believe that he will not complete the term. Fischer has declined to respond to questions on the matter.

Fischer's aides say that he has received many calls, mostly from colleagues in top positions. A close aide said, "Fischer keeps close ties with all decision-makers. He is very appreciated in these circles. He also has a proven track record at the IMF. Obviously, such an offer won't be sent by fax. I assume that it's by telephone. It's obvious and desirable to offer him the job."

Until a replacement is found for Strauss-Kahn, IMF First Deputy Managing Director John Lipsky has been appointed acting chairman.

Developing nations will challenge the current practice of appointing a European to chair the IMF, while an American chairs the World Bank. Brazilian Finance Minister Giudo Mentega told the IMF Steering Committee April that the time has come for a political breakthrough and to change outdated norms.

Former Turkish Finance Minister Kemal Dervis has also been suggested as a candidate in recent months, when it was learned that Strauss-Kahn planned to retire to run for the French presidency. Dervis managed the UN Development Program, and is currently vice president and director of Global Economy and Development at the Brooking Institution.

Former South African Finance Minister Trevor Manuel, who chaired a committee that examined the future of the IMF, may also run for the job.

Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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