Israel's Fischer Joins Race for IMF Head

The race to be the next head of the IMF heated up yesterday, as Bank of Israel governor Stanley Fischer announced he would run for the prestigious position, reports Reuters. Fischer, a former deputy managing director at the IMF, is considered a strong candidate, as he was well liked during his stint as No. 2 and he enjoys much support from the United States—he was even the thesis adviser to Federal Reserve Chairman Ben Bernanke.

Fischer joins frontrunner Christine Lagarde, the French finance minister, and Agustin Carstens, head of Mexico's central bank, in the race for the prestigious post leading the IMF. But Fischer faces one major hurdle —at 67 years old, he is past the IMF's cut-off of 65 for being appointed to the top job, so the institution would need to change its rules. "Stan Fischer would make an excellent IMF managing director," said one leading economist. "But, at this late stage, he does not have enough support to succeed." (More IMF stories.)