Bank Of Israel Governor Stanley Fischer To Receive Chaim Herzog Award For Unique Contribution To Israel

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Prof. Stanley FischerJerusalem, February 10, 2013 — The Chaim Herzog Award for special contribution to the State of Israel will be presented this year to the outgoing Bank of Israel Governor, Prof. Stanley Fischer. The ceremony will take place on March 19 in the presence of Israel’s president, Shimon Peres. Prof. Menahem Ben-Sasson, president of the Hebrew University of Jerusalem, and MK Isaac Herzog, son of the late president Chaim Herzog, will present the award.

The Chaim Herzog Award is presented every two years around the anniversary of the death of Israel’s sixth president, the late Chaim Herzog, to a person who has made a unique contribution to the State of Israel in fields connected with Herzog’s life interests. The award is a joint undertaking of the Hebrew University of Jerusalem and Yad Chaim Herzog, which was established by the late president's family to perpetuate his memory and legacy.

According to Hebrew University's president, Prof. Menahem Ben-Sasson, "Stanley Fischer made a distinctive contribution to Israel's economy and its economic and social vitality. Because of his determination and vast experience, the Israeli economy survived crises and continued to grow. He is a paragon of integrating knowledge, analytical ability and leadership, which enhanced his authority in Israel and around the world."

In its decision, the award jury said, "Stanley Fischer is an American Jew who came willingly to contribute his energy, experience and insight for the benefit of Israel, despite having no shortage of opportunities abroad. He moved to Israel, learned its language and became part of its life as one who was born here, and was later awarded Israeli citizenship.

"During his tenure as Governor of the Bank of Israel, Stanley Fischer was faced with the global economic downturn and complex geopolitical and social realities. He intelligently steered the economy and led it to growth. Thanks to his vigorous efforts, Israel did not find itself in a financial crisis as did other countries.

"He confronted challenges with courage and intelligence, and set goals and fulfilled them based on theories he believed in. He maintained the country’s financial stability and the stability of prices, alongside improvement in employment. He passed a new Bank of Israel Law, and optimized the Bank's performance.

"Prof. Stanley Fischer worked energetically for Israel's acceptance into the Organization for Economic Cooperation and Development (OECD) and contributed greatly to Israel’s economy, all the while improving its image in the world."

Prof. Stanley Fischer is a world-renowned economist and, since 2005, Governor of the Bank of Israel. His previous roles include Chief Economist at the World Bank. Widely celebrated for his handling of Israel's economy following the global financial crisis, in 2010 he was declared Central Bank Governor of the Year by Euromoney magazine, and the Bank of Israel was ranked first among central banks for its efficient functioning. In February 2013, Prof. Fischer announced that he would be stepping down early from the role of governor. His full biography can be found at

Prof. Fischer has held visiting positions at the Hebrew University and for two decades has been a member of its Board of Trustees. In 2006 he received an honorary doctorate from the Hebrew University. In his acceptance speech he said, “By European and American standards, this is a young university. Its founding ceremony took place in 1925, at this spot, in the presence of Lord Balfour, Viscount Allenby, High Commissioner Herbert Samuel, Haim Nachman Bialik, Nahum Sokolov, Harav Kook, Harav Meir, and 10,000 others. That extraordinary turnout testifies to the importance the inhabitants of the Yishuv and of the Zionist movement attached to the founding of what they called the University of the Jewish people. The University already possesses a proud history, an essential part of the history of modern Israel, of the history of the Jewish people and their successful but ongoing struggle to establish a modern state in the ancient land of our forefathers.”

Fischer and Netanyahu

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