Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), released a statement today following the passing of Stanley Fischer, former First Deputy Managing Director of the IMF.
“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,” said Georgieva. She highlighted Fischer's significant influence on economics both as an academic and policymaker. His contributions during his tenure at the IMF included addressing major challenges like the Mexican crisis in 1994 and the Asian financial crisis in 1997.
Georgieva emphasized that Fischer is admired for his "intellectual leadership, personal integrity, and dedication to public service." He was known for advocating for "principles of good economic citizenship" and providing platforms for international discourse on mutual interests.
Fischer's academic work at institutions such as the University of Chicago and MIT made him a key figure in macroeconomics and a leader in New Keynesian thought. His policy career included roles such as Chief Economist at the World Bank before joining the IMF. Later, he was Governor of the Bank of Israel from 2005 to 2013, where he navigated through global financial turbulence. He also served as Vice-Chairman of the Federal Reserve System Board from 2014 to 2017.
In her statement, Georgieva extended condolences to Fischer’s children Michael, David, Jonathan, and their families. She remarked on his life marked by exemplary public service and his kindness as a colleague and friend.