Bank of Israel Governor Prof. Stanley Fischer stated the Knesset is wasting precious time. He called for the immediate implementation of recommendations towards stabilizing the economy and minimizing the blow to Israel’s economy from the global economic crisis.

Addressing an annual assembly of public corporations, Fischer stated immediate steps must be taken to increase bank credit and credit for the business sector. Fischer stated the Bank of Israel supports Monday’s decision to approve a safety net for pension plans, calling for the immediate implementation of the plan. He stated however that the safety net is a temporary solution at best and what must be done is to rebuild the entire pension plan setup.

He stated that he is concerned that measures already approved by the prime minister and the cabinet are not moving ahead in Knesset, and time is not working in the nation’s favor. A further delay he warns could have a devastating impact on the economy, and perhaps undo the economic gains of recent years.

(Yechiel Spira – YWN Israel)