Washington, DC: Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today after news of the death of Mr. Stanley Fischer, former IMF First Deputy Managing Director:
"We are deeply saddened to learn of the passing of our dear friend Stan Fischer, who among many career achievements, served as the First Deputy Managing Director of the IMF between 1994 and 2001. Stan will be remembered for his enormous influence on the economics profession, first as a leading academic and teacher, then as an accomplished policymaker across many prominent posts. During his time at the IMF, he helped lead the Fund's response to a number of significant challenges, including the Mexican crisis of 1994 and the 1997 Asian financial crisis. To this day, Stan is deeply admired by Fund staff, management and the membership for his intellectual leadership, personal integrity, and dedication to public service. He believed strongly in the Fund's core mission, as he put it: 'to promote principles of good economic citizenship, and provide a forum for countries to discuss issues of mutual interest.'
"As an academic at the University of Chicago and MIT, Stan's research had a profound effect on the field of macroeconomics, becoming a leading figure in the New Keynesian movement. Stan taught, mentored and influenced many leading policymakers and thought leaders. During his extraordinary policymaking career, he served as Chief Economist of the World Bank before becoming First Deputy Managing Director of the IMF. From 2005 until 2013, he served as Governor of the Bank of Israel, helping to steer the Israeli economy through the global financial crisis. He then became Vice-Chair of the Board of Governors of the Federal Reserve System in 2014, serving in that role until 2017. As a central banker, he was a staunch proponent of inflation targeting frameworks, transparency, and central bank independence.
"On behalf of the IMF, I extend my deepest condolences to Mr. Fischer's three children Michael, David and Jonathan and their families. Stan led a life of exemplary public service, matched only by his innate goodness as a colleague, friend and human being."
