"Israel has one economic leader, and his name is Stanley Fischer. The Governor of the Bank of Israel understood long before everyone else here where we were headed, and he knew how to prepare the Israeli economy. Regrettably, we haven’t yet seen action on the fiscal policy side," said Manufacturers Association of Israel president Shraga Brosh at the Prime Minister's Conference for Export and International Cooperation this morning.
Brosh's comments were a broadside against Minister of Finance Ronnie Bar-On, who has so far refrained from actively intervening in the capital market or taking fiscal measures.
Brosh noted that there was an opening for talks between him and the government. He said that Fischer helped manufacturers by changing his policies, cutting the interest rate and massively buying dollars, and that he again made an unexpected interest rate cut.
Brosh made a number of proposals, including the establishment of a fund to aid small and mid-sized businesses, massive investment in infrastructures to boost the domestic market, and intervention in the corporate bond market. He said, "This will not cost the government a lot of money and it will create a fantastic feeling."
Israel Export and International Cooperation Institute chairman David Arzi called Fischer a "jewel in the crown." He added, "I hope that the Ministry of Finance will join the Bank of Israel and carry out needed measures."
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008