In addition to his roles in central banking and academia, Fischer served as vice chairman at Citigroup, as second in command at the International Monetary Fund and as chief economist at the World Bank.
"A decade at the World Bank/IMF points to something the Fed could use around the table, which is a sharper international lens," Rosenberg said.
David Woo, currencies strategist at Bank of America Merrill Lynch, said "I think Fischer will bring three elements to the board: pragmatism, a global perspective and academic credibility."
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Beyond adding policy ideas and an international sensibility to the Fed, Fischer has a track record as a tough bank regulator, which falls under the Fed's purview as well.
During his tenure at the Bank of Israel, Fischer helped forced Dan Dankner to step down as chairman of Israel's largest bank, Bank Hapoalim. Fischer questioned his management skills, which ultimately led to an indictment on a series of charges including fraud, money laundering and breach of trust.