Stan also helped to fight hyperinflation in Israel in the 1980s and, as the governor of that nation’s central bank, deftly managed monetary policy to mitigate the effects of the recent crisis on the Israeli economy. Subsequently, as Israeli housing prices ran upward, Stan became an advocate and early adopter of macroprudential policies to preserve financial stability.
This has been an indescribably valuable experience to me, someone not originally from the central bank community. The BIS is acknowledged as a world-class institution and knowledge base, which leads the way in dealing with the main issues of the global economy.