Jacob Frenkel, currently a chairman of JPMorgan International, will return as governor of the central bank of Israel, 13 years after leaving in 2000. He is taking over from the respected Stanley Fischer who will resign June 30, in an economic environment of slowing growth and rising property prices. Here is a handful of interesting reads (and a video) on his appointment and his past.
- The Jerusalem Post says Frenkel will face new challenges leading the Bank of Israel, compared with his previous eight years as bank governor in the 1990s. His governorship was widely seen as a success, having been credited with lowering inflation, liberalising the financial markets and removing controls on foreign exchange.
- The New York Times’ took an in-depth look at Frenkel ahead of his arrival at the central bank back in the 1990s. It quotes Richard T McCormack, a former under secretary of the US Treasury, saying that Frenkel is “an economist who’s sat at the bedsides of sick economies all over the world”.
- The same newspaper also looked at his legacy when he announced his resignation in 1999, pointing out that amid the acclaim for his leadership, there was also “constant criticism from politicians for refusing to ease the high real interest rates”.
- According to Haaretz, some Israelis are pleasantly surprised at his appointment, believing he can increase low interest rates and continue Fischer’s policies.
- Forbes profiles Frenkel’s past directorship compensation, stock awards and work experience which includes chief economist at the International Monetary Fund before his first stint at Israel’s central bank.
- His views on fixing the global economy are aired in this FT video from Davos last year.