Charlie Rose Talks to Former Bank of Israel Chief Stanley Fischer

Where do you see strength as the economic shock from 2008 fades?
We’re beginning to see growth in almost all the advanced economies, including Europe, which is surprising. The second-quarter data came in quite well. Britain is showing some growth, which didn’t look like it was going to happen for a long time, and the famous BRICs, the leading emerging-market economies, are slowing down a little relative to what we had gotten used to before. So there’s a slight movement in favor of the advanced economies.

How would you grade the state of the U.S. economy?
The United States, although it’s hard for Americans to believe, managed the crisis better than the other advanced economies. The many things which were reviled, the TARP [Troubled Asset Relief Program], things like that, actually were successful. The U.S. got the banking system back into shape quicker than anyone else. The Europeans still haven’t done that. In that process, the U.S. ran huge budget deficits, and through a very inelegant process, namely, the sequester and so forth, the budget is now in pretty good shape.