Wanted: A Different Kind of Bank of Israel Governor

We can learn something about whom to pick as our own 'responsible adult of the economy' from the analyses surrounding the appointment of the next head of the Federal Reserve.

Economists Jacob Frenkel and Leo Leiderman came and went, and Israel’s central bank still has no governor − a public position that in many Western countries is considered second in importance only to the prime minister or president. Indeed, there are countries in which the governor of the central bank is considered even more important in the public perception. After all, politicians are not believed, and...