Israel's Fischer says he used casting vote to avoid ‘signs of a crisis'
Stanley Fischer, now inside his last month as governor of the Bank of Israel (BoI), said he used his casting vote on the bank's monetary policy committee (MPC) for the first time last month to "not give signs of crisis" to outside observers.
The BoI's MPC met in May to agree an extraordinary rate cut of 25 basis points, outside of the committee's normal schedule of interest rate decisions. The six-member committee was split 3-3, but as governor, Fischer has a ‘double vote' in such situations –
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Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector