Stanley Fischer has now completed his first year as Governor of the Bank of Israel. His track record: Consumer price inflation at an annual rate was 1% (May 2005), now 3.6% (April 2006). The overnight interest rate was 3.5%, now 5.25%. Perhaps the inflationary forces were already in the pipeline when he took office, but he'll have to turn the trend around if he wants to continue to be credited with bringing "credibility" to Bank of Israel monetary policy.