Bank of Israel Governor Fischer commends OECD decision
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Bank of Israel Governor Fischer commends OECD decision

  • 5/11/2010
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    The Governor of the Bank of Israel, referring to the OECD invitation to Israel to become a member of the Organization: "This is an important step towards Israel's integration into the global economy." 
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    (Communicated by the Bank of Israel) 

    The Governor of the Bank of Israel, Professor Stanley Fischer, commends the OECD on its decision to invite Israel to join the Organization. The Governor thanked the Secretary General of the OECD Mr. Angel Gurr?a, and the OECD Director for Legal Affairs, Mr. Nicolai Bonucci, responsible for the process of Israel's accession to the OECD, for their cooperation during the process, which was a long, thorough and intensive one.

    The Governor said: The OECD decision to invite Israel to become a member of the Organization is an important step towards Israel's integration into the global economy, and is an expression of Israel's commitment to meet the highest international standards." The Governor added that Israel's joining the OECD will strengthen investors' confidence with regard to Israel's economic standing, and is expected to encourage investment in the economy.

    The Governor spoke highly of the reports that the OECD's economists compile, and expressed the hope that working with the OECD would help promote several economic reforms in Israel, including improving Israel's education system, the rate of participation in the labor force, reducing economic inequality, and environmental protection. The Governor also spoke of the importance of the OECD's work in identifying bureaucratic obstacles by means of the index of product market regulation. The Governor complimented the OECD's expertise in matters related to the financial sector.

    The Governor noted that certain funds abroad invest only in OECD member countries, so that membership of the Organization will extend the range of potential investors in Israeli bonds and in the Israeli economy.

    The Governor commended the inter-ministerial cooperation in Israel that contributed greatly to the successful outcome of the process of Israel's accession to the OECD.

    The background:

    Israel has been active in OECD work groups since 1994. In May 2007 the OECD Ministerial Council decided to start the accession process for five new potential members, including Israel, and Israel's government immediately decided to approve the accession process in principle. Today's decision to invite Israel to become a member of the OECD followed a thorough investigation of Israel's economy by the OECD, via the Organization's committees.

     
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