Finance Minister and Central Banker of the Year: The regional winners
Jacob Frenkel, governor of the Bank of Israel, is an extremely stubborn man. That’s a necessary quality in stabilizing an economy which overheated three years ago.
Frenkel believes in progressive reform and has taken a gradualist approach to cutting interest rates. He has faced pressure from the business sector for devaluation of the shekel because it is appreciating in real terms but he has not swayed from his monetarist views on fiscal rectitude.
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