Head of the opposition MK Benjamin Netanyahu said today that Governor of the Bank of Israel Prof. Stanley Fischer has limited influence on the exchange rate. He made the comment at the joint "Globes" and Tapuz TASE and Capital Markets Forum in response to questions from surfers.
Netanyahu said, "I have a good opinion of Fischer. I had to persuade him to come. I think that he's doing the best he can, but his influence is limited. I liken this to waves at sea. You can build a small dam, but the ocean currents are stronger. He made a dramatic move, but it won't help for long. There was large movement here that reflected the rise of other economies."
Netanyahu also said that Minister of Finance Ronnie Bar-On's plan for tax cuts was correct. Netanyahu said that he was not among those who said that this was election economics. "Bar-On's proposal to cut taxes was good, but it wasn’t necessary to propose taxing advanced training funds."
In response to a question if he saw himself taking the finance portfolio in the near future, Netanyahu replied, "I don’t think so. I'll manage policy from the Prime Minister's Office and I'll take a consistent policy line. Anyone who is considered must believe in the free market and social policy."
As for the condition of Prime Minister Ehud Olmert's government, Netanyahu said, "I don’t see elections in the offing because the coalition members are showing an impressive ability to hold onto their seats. If we do have elections, I will ask the public's trust for the position of prime minister."
Published by Globes [online], Israel business news - www.globes-online.com - on July 21, 2008
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