Writing superfluous or unnecessarily reports, generating poor quality material and inefficient management of resources are just some of the criticisms in a report commissioned by outgoing Governor of the Bank of Israel Prof. Stanley Fischer on the functioning of its research department.
Deputy Governor Dr. Karnit Flug, currently the leading candidate to replace Fischer, served as head of the research department from 2001 to 2011. The current report is the only one that has ever examined the activities of the department, in contrast to other departments such as the supervisor of banks and marketing department, which are regularly checked. The investigative committee was set up at the start of 2012 and the report relates to the state of the department after Flug had been managing it for a decade.
Fischer himself initiated the report and chose its authors himself.
Since announcing that he was stepping down at the end of this month, Fischer has been backing Flug to succeed him. However, it is believed that Prime Minister Benjamin Netanyahu is not inclined to choose her.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2013
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