Bloomberg News

Israel’s Stanley Fischer Says Draghi Faces A ‘Difficult Task’

November 01, 2011

Oct. 31 (Bloomberg) -- Bank of Israel Governor Stanley Fischer said incoming European Central Bank President Mario Draghi faces a “difficult task” in his new job.

“His predecessor, Jean-Claude Trichet, steered the ECB through a very fraught and critical period for the euro zone,” Fischer said according to an e-mailed statement. “I am confident that Professor Draghi will meet the ongoing challenges facing the ECB successfully.”

Fischer said Draghi is “highly qualified and experienced in the areas most relevant to his new position –– experience he gained as director general of the Italian Treasury, as a banker in the private sector, and as governor of the Bank of Italy.”

“ Professor Draghi is an expert on the theoretical side of central banking, and as one of the governors in the European central banking system he has the experience needed to implement ECB policy,” Fischer said. “Professor Draghi also has the personal attributes that will stand him in good stead in his new and challenging role as president of a central bank with 17 member countries, each of which is likely to face different and daunting challenges.”

To contact the reporter on this story: Alisa Odenheimer in Jerusalem at aodenheimer@bloomberg.net

To contact the editor responsible for this story: Gabi Thesing at gthesing@bloomberg.net


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