Wharton professor to head Bank of Israel
Wharton School professor Amir Yaron is the new head of Israel’s central bank, Bank of Israel. His appointment was confirmed by prime minister Benjamin Netanyahu, who said the country’s central bank needs an expert on the global economy. The Israeliborn Yaron, 54, is a professor at the Wharton School of the University of Pennsylvania and has lived in the United States for two decades. He will replace Karnit Flug, whose term ends in November. Flug, who opted not to seek a second five-year term, has had disagreements with finance minister Moshe Kahlon over the past 3 years, mainly over fiscal policy and Kahlon’s preference for lowering taxes. Yaron’s appointment, however, needs clearance from a special vetting panel. If approved, he would become governor at a pivotal time for Israel’s economy, which is growing at a solid annual pace of about 3.5%.