Profiting From Peace
Posted on May 2, 2010
Who would have thought that peace could be good for the economy? Ask Stanley Fischer, Israel’s central bank chief, who delivered that startling pronouncement in a speech this weekend, arguing that a peace deal between his country and the Palestinians would actually help Israel achieve “one of the most advanced economies in the world.” —JCL
Bank of Israel Governor Stanley Fischer said on Sunday Israel could become a leading economy globally if a Middle East peace deal is reached but that the key challenges for now were to accelerate growth and cut poverty.
The Zambian-born, U.S. and British educated Fischer, in a speech after he was sworn in for a second five-year term as central bank chief, said economic success hinged on maintaining a strong military.
“This economy, with its dynamism and creativity, could grow much faster if we were to achieve peace with our neighbors,” said Fischer, 66, who is credited with helping to keep Israel’s economy and financial markets afloat during the global downturn.
Flickr / International Monetary Fund
Stanley Fischer speaks at an International Monetary Fund meeting in 2009.