Frenkel: I'm proud to reenter this institution

Prime Minister Benjamin Netanyahu: We decided on Jacob Frenkel because he is an excellent candidate, the best among the candidates.

"I'm excited, and I really want to show my gratitude for the great trust expressed in this recommendation for the appointment. It's no secret that I had many reservations, but it's also no secret that when there is a determined prime minister who accepts no other answer than the one he wants, you must not withstand him," said Bank of Israel governor-nominee Jacob Frenkel at a joint press conference with Prime Minister Benjamin Netanyahu, Minister of Finance Yair Lapid, and outgoing Governor of the Bank of Israel Prof. Stanley Fischer today.

"We have a strong economy, which has survived many crises, and not because we were on the right side of the ocean, but because of the economic policies which caused the waves to break before the beaches were flooded," said Frenkel. "The halting of the storm also reflected the responsible financial policies and the most responsible policy of the Bank of Israel. I am proud to once again enter this institution with regimental pride and to take up this relay race. The dream of every participant in a relay race is to catch the runner ahead of him. It is our luck that the runner from whom I am taking the baton has created for me such a great 'four' that I am taking the system and I will have time to study the material and sleep, and then continue the relay race.

"We have an economy with immense potential. It is possible to move it forward, and with all sincerity, we have amazing things which have been kept secret and the world does not know how many things have been kept secret here. I will bring my seven decades of experience and achieving goals. We are sitting here as a team and it will not succeed if there is no harmony, cooperation, and mutual understanding. I am sure that we have this understanding on goals and it will be a historic injustice if we do not achieve them in full."

"My friend, the finance minister and I decided together on Frenkel's appointment as the next governor," said Netanyahu. "This was a difficult search among excellent candidates. It was not easy to find a successor for Stanley, who did outstanding work. We decided together on Frenkel because he is an excellent candidate, the best among the candidates, the winner of the Israel Prize for Economics, a highly esteemed governor with wide and deep academic knowledge, and of course, a man who has gained experience in markets and not just at JPMorgan, but also as the head of the G30, which is engaged in the issue, an opinion-setter.

"I think that Frenkel can continue the important tradition of monetary stability, of positioning Israel in the front row. He can do this in an outstanding way."

Lapid said, "The economy was in good hands with Stanley, and we have no words to express our appreciation, and this is now transferred to Frenkel's hands."

Fischer said, "I have known him since he was a student at the University of Chicago. We have been friends for 43 years and consulted on all kinds of issues. He was an exceptional governor, a governor who changed the structure of the financial markets and monetary policy… We are lucky that Jacob accepted the job. He will do everything, he will honor Israel at international meetings and conferences before the world's businesspeople, diplomats, and politicians, and no less important -economists. We have a man who with a track record in more than one job, and I am sure that he will continue to serve Israel and serve the Israeli economy."

Published by Globes [online], Israel business news - - on June 24, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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