Bank of Israel Governor Prof. Amir Yaron has been chosen as Chairman of the group of countries with small open economies (SOE) within the Bank for International Settlements (BIS).*


The discussions on the agenda of this group deal with issues such as monetary policy, financial stability, and financial innovation.  In addition, they center around issues that are unique to countries in the SOE group, concerning the functions of their central banks.  The discussions take place between governors of the central banks every two months in Basel, Switzerland, and during the COVID-19 period, the BIS has held such discussions online.  As Chairman of the SOE group, Governor Yaron will raise new issues for the group’s agenda, and will lead its discussions, such that they will continue to be a main focus of its members in exchanging insights and discussing key issues.


The countries that are members of the SOE group include the Czech Republic, New Zealand, Denmark, Chile, Colombia, Peru, Croatia, Iceland, Israel, Norway, and the Philippines.








* Background on the BIS:


The Bank for International Settlements (BIS) is the oldest international financial organization.  It currently includes 63 central banks as members, and works to promote cooperation between them.  Its activities include the development of international banking supervision standards and criteria (“Basel Regulations”), monitoring the stability of the international financial system, providing banking services to central banks, and assisting various financial entities in fulfilling their functions.  The Bank of Israel joined the BIS as a full member in September 2003 following the government’s approval.