14.06.2011
 
The International Monetary Fund disqualifies the application of Prof. Stanley Fischer for the position of the IMF Managing Director, due to an age restriction
 
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On Monday night, the Governor of the Bank of Israel, Prof. Stanley Fischer, was notified that the Board of Directors of the International Monetary Fund (IMF) had decided not to include him among the candidates for the position of IMF Managing Director, because of his age. According to the IMF regulations, the managing director has to be younger than 65 at the time he takes office. Prof. Fischer is 67 years old. The IMF board of directors discussed the issue and decided not to revise their regulations.
Last Friday, when Prof. Fischer decided to run for office, he pointed out that the challenges for the global economy in this period after the global recession and the consequent challenges facing the IMF, make him a natural candidate for the post of managing director. Among the reasons are the experience he acquired as the Governor of the Bank of Israel during one of the most challenging periods in the history of the Israeli economy, as well as his experience at the second most important position at the IMF for seven years, during which he acquired a wealth of practical experience and a deep understanding of the global economy, including in dealing with economic crises. The Governor of the Bank of Israel believes that the age issue is technical, and should have been waived so that the board of IMF could consider who is the candidate most capable of leading the IMF at this time.
Fischer: “I think that the age restriction, which was set in the past at 65, is not relevant today. I was hoping that the IMF board of directors would change its regulations, not only for the sake of my candidacy, but also for the sake of future candidates for the position of managing director”.
Fischer added: “I have no regrets for having submitted my candidacy. I do regret the fact that I was not given the opportunity to demonstrate my capabilities and my experience to the IMF Board of Directors”.
Fischer concluded: “I will proudly and happily continue in my role as Governor of the Bank of Israel, to deal with the challenges facing the Bank of Israel and the Israeli economy. I would like to thank the Prime Minister and the Minister of Finance for their unconditional support when I decided to submit my candidacy, and for their expressed hope that I will continue to serve as the Governor of the Bank of Israel – as I shall happily do.”