Remarks by the Bank of Israel Governor at the press conference held at the Ministry of Finance
Good afternoon, everyone.
My remarks will be brief due to the high number of speakers.
The number of participants in this event shows its importance and complexity, since it was made possible due to the cooperation and professional and purposeful discourse among all the participants. I would like to thank Minister Liberman, who led the process and set himself this important goal upon taking the position.
This is certainly important news for the economy at this time, for a number of reasons. The main reason, in my opinion, is the certainty that the “Package Deal” creates for economic activity, in addition to its being graduated and proportional. This is particularly the case at this time, when the economy is getting over, and thankfully exiting from, such a serious economic crisis. The industrial quiet that is expected to emerge in view of the agreements, in both the public and private sectors, is essential in supporting the various economic processes taking place—those currently happening and those that will be created based on the increasing clarity for the coming years.
No less important is the demonstration of the ability to cooperate for the benefit of the entire economy, which can contribute to advancing the economy further in the coming years. We must now look forward to the additional tasks that stand before us, in order to ensure the continued economic momentum while combining forces on important issues such as transportation, education, professional training, and more.
This step comes at the same time as the expected completion of passage of the State Budget and the important structural reforms that accompany it for sustainable growth in Israel. This follows a prolonged period in which fiscal policy was managed with an interim budget and special COVID-19 budgets. Both the Package Deal and the Budget bring with them good tidings in terms of increased efficiency and technological advancement. These join measures that the Bank of Israel is advancing in the areas of financial innovation, payments, and competition in banking, and create an integrated system to accelerate the Israeli economy.