President Shimon Peres and Governor of the Bank of Israel Prof. Stanley Fischer today discussed the idea of turning Israel into an international financial center at a panel at the Presidents "Facing Tomorrow" conference in Jerusalem.
Peres praised the conference. "There were extraordinary panels this morning. I've never seen an event like this. We heard a survey about modern industry. I learned that the more we rely on technology, the more we rely on people."
Peres also praised Fischer, saying, "Stanley is the first economist I've known who says something and it happens. I've met a lot of pessimistic economists, but he always figures out how to improve the situation."
As for turning Israel into an international financial center, Peres said, "I look around me. There are four or five small countries that have become global economic centers, including Dubai, Hong Kong, and Singapore. Part of the success is due to oil. Israel has no oil, but it can become a source of inspiration. I want Israel to be a daring laboratory of invention and technology."
Fischer said, "We won't be London or New York, but it's possible we will become a Singapore, Hong Kong, or Dubai. I don’t know how long it will take for us to become a global financial center, but Israel can and must become a global financial center "
Fischer stressed that regardless of what happened it was necessary for Israel to have a strong and independent central bank. "Every action we take to turn the Israeli economy into a globalized one is based on an improvement in the economic system." He added that Israel had to take every measure to become a global financial center. "But the first thing is to sort out the financial system. If we succeed in this, we'll complete the task, and Israel will become a global financial center."
Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2008
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